Analysts build up hopes for Orascom



A strong pipeline of projects and little competition in its home market have analysts bullish on Orascom Construction Industries, Egypt's biggest publicly listed construction firm. The stock is beaten down at the moment, it is off 20 per cent in the past two months to 226 Egyptian pounds as investors were hit by the euro-zone jitters. Of the seven analysts following the stock, all have a 12-month target price of at least 270 pounds.

"The company has an excellent track record in execution and delivery," said an analyst at the Cairo office of EFG-Hermes, who asked not to be named. "And it operates in a region which has extensive plans for infrastructure spending." He estimates the company has a backlog of projects worth US$6 billion. Orascom's acquisitions and its partnerships with counterparts in key markets are central to its strategy. One of the most significant deals was clinched in 2004, when Orascom bought a 50 per cent stake in Besix Group, the Belgian contractor.

That same year Besix landed a multibillion-dollar contract to build Burj Khalifa, the tallest tower in the world, in partnership with the UAE's Arabtec Construction and South Korea's Samsung Engineering and Construction. Besix was also recently awarded a Dh973.3 million contract to build Bahrain's North Manama Causeway in a joint venture with the Bahraini contracting company Haji Hassan. The deal came shortly after it picked up Dh6.5bn worth of projects in Abu Dhabi: the Dh5bn deal to build the Cleveland Clinic and the Dh1.5bn contract from the Abu Dhabi National Oil Company to build its ADNOC Tower headquarters.

Orascom has also spread its wings to India by joining up with HCC Infrastructure, a unit of Hindustan Construction, to jointly bid for road projects from the national highways authority. Meanwhile, Orascom's fertiliser group paid $415.5m in April for the melamine and fertiliser subsidiaries of Royal DSM, the Dutch group. "This has doubled their capacity in terms of fertilisers while capitalising on the expected increase in fertiliser prices," said the analyst from EFG-Hermes.

agiuffrida@thenational.ae

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

ENGLAND SQUAD

Goalkeepers Henderson, Pickford, Pope.

Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.

Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.

Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.