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Orascom Construction

Engineering company of Egypt

Summary

Engineering company of Egypt

Field	Value
name	Orascom Construction PLC
logo	Orascom_Construction_Logo.svg
logo_size	250px
former_name	Orascom Onsi Sawiris & Co.
type	Public
traded_as
industry	Construction, engineering
key_people	Jérôme Guiraud, Chairman
Osama Bishai, CEO
revenue	US$4.17 billion
revenue_year	2022
operating_income	US$154.7 million
income_year	2022
net_income	US$134.3 million
net_income_year	2022
assets	US$3.53 billion
assets_year	2022
equity	US$691.3 million
equity_year	2022
foundation	1976
location	Cairo, Egypt
homepage

Osama Bishai, CEO Orascom Construction PLC (OC; ) is an engineering, procurement and construction (EPC) contractor based in Cairo, Egypt. The company was Egypt's first multinational corporation. OC is active in more than 25 countries.

History

Night view of the Nile City Towers. Orascom Construction headquarters is at the south tower (on the right). In between the two towers lies the [[Fairmont Hotels and Resorts]].

OC was established in Egypt in 1976 and then owned by Onsi Sawiris. As of 2007, it owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, Iraq, North Korea and Spain, which had a combined annual production capacity of tens of millions of tonnes. OC was the second company formed by Sawiris, having previously opened another construction company in Upper Egypt in 1950 which was nationalized under Gamal Abdel Nasser in 1961.

In December 2007, OC announced the divestment of its cement group, Orascom Building Materials Holding (OBMH), the holding company for its cement group assets, to the French Lafarge.

In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.

In September 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company. In 2013, Cascade Investment invested $1 billion in Orascom Construction. Following this investment, a Netherlands-based company, OCI NV, was created, and became the parent company of Orascom Construction.

In March 2015, Orascom Construction shares started trading at the Dubai Financial Market and Cairo's Egyptian Exchange.

In July 2018, Orascom Construction partnered with Engie to build the largest wind farm in Egypt. In May 2019, the consortium Bombardier Inc., Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo.

Orascom was part of a joint venture with the Belgian company, BESIX Group to build the Grand Egyptian Museum.

Legal issues

In 2013, Orascom Group agreed to pay up to $1 billion in tax fines to the Egyptian tax collector following irregularities in the 2007 sale to Lafarge.

References

"Annual report 2022".
(October 7, 2019). "Orascom Construction seals $1.3bln contracts in Q3". Zawya.
(July 16, 2007). "Orascom Construction Industries S.A.E. announces OCI Invests in DPRK Cement".
(2023-08-28). "Nassef Sawiris {{!}} Bloomberg Billionaires Index". Bloomberg.com.
(10 December 2007). "Lafarge buys Orascom Cement for €10bn". [[Financial Times]].
(7 July 2011). "Egypt's Orascom Construction wins $450m of Saudi projects".
Heba Saleh. (6 September 2012). "Orascom Construction to expand in US".
(6 September 2012). "Watts Constructors' parent being bought by Orascom Construction Industries".
(2013-01-19). "Bill Gates Group Invests $1 Billion in Orascom Construction". Bloomberg.com.
Heba Saleh. (30 April 2013). "Orascom settles Egyptian tax dispute".
Michael Fahy. (9 March 2015). "Orascom Construction shares begin trading in Dubai".
Catherine Sturman. (24 July 2018). "Orascom Construction will build the largest windfarm in Egypt".
(27 May 2019). "Bombardier Transportation consortium preferred bidder in $4.5B Cairo monorail".
"Grand Egyptian Museum".
(2013-04-30). "Egypt's OCI to pay $1 bln to settle tax dispute". Reuters.

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

construction-and-civil-engineering-companies-of-egypt orascom-group construction-and-civil-engineering-companies-established-in-1976 companies-based-in-cairo egyptian-companies-established-in-1976 companies-listed-on-the-egyptian-exchange companies-in-the-egx-30 conglomerate-companies-of-egypt

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