Egyptian contractor Orascom Construction added $650 million (Dh2.38 billion) in contracts to its backlog in the second quarter of 2018, as construction activity picks up pace in its home market.
The builder won $415m in awarded contracts in Egypt across sectors including transportation, water and new urban developments, the Nasdaq Dubai-listed firm said in an emailed statement.
"The group maintains its strategy of pursuing high-quality projects from both commercial and technical standpoints across its key markets."
Last month, embattled private equity firm Abraaj Group said it sold its entire holding in Orascom Construction as the Dubai-based buyout firm embarked on a restructuring amid allegations of misuse of funds. Abraaj off-loaded its 5.4 per cent stake in Orascom Construction for $52m, Orascom said in a bourse filing at the time.
The contracting firm won $235m worth of contracts in the second quarter in the US, an "uptick" in activity from the previous quarter, it said without quantifying the increase. The projects are in the commercial, infrastructure and industrial sectors, which include work on the maintenance facility at Phoenix Sky Harbor International Airport in Arizona.
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Read more:
Egypt's Orascom Construction adds $650 million of contracts in Q4
Egypt's Suez-facing 250MW windfarm reaches financial close
Orascom Construction third-quarter net income slips 13.8 per cent
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In the first quarter of 2018, the company posted a net profit of $31.9m, a 13.9 per cent year-on-year increase. Its first quarter revenue was $756.8m, 29 per cent lower than the same period a year ago.
Earlier this month, the company said it will pay an approved $30m dividend to its shareholders during the week staring July 30.
In the Mena region, where the company won a contract for the Fujairah International Airport expansion, Orascom Construction is pursuing new infrastructure, industrial and commercial opportunities in the region's markets, it said in its firs-quarter financial results statement in May.
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
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May 18 and 19, semi-finals
May 20, final
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