OCI & Palm Hills Sign Infrastructure Agreement
CAIRO, EGYPT–(Marketwire – Nov 24, 2010) –
OCI Construction Group
Cairo, Egypt / twenty-four November, 2010
10:15 AM
OCI Signs Global Agreement with Palm Hills Developments to Construct
Select Infrastructure Works for the Developer’s Projects
Orascom Construction Industries (OCI) voiced currently that it has
signed a constrictive agreement with Palm Hills Developments (PHD), a
leading genuine estate developer in Egypt, to erect infrastructure
works and name blurb projects for the developer over the subsequent 2
to 4 years.
As partial of the agreement, OCI will govern infrastructure functions related
to PHD’s projects in Cairo, Greater Cairo, Ain El Sokhna and the North
Coast of Egypt. In addition, the range of the agreement allows PHD to
award OCI with one some-more blurb projects that might embody malls,
hotels and bureau parks at a after date. Under the agreement, OCI will
start 3 projects – one in the North Coast and dual at Greater Cairo
area – with an approaching worth surpassing EGP 600 million.
OCI Construction Group Managing Director, Osama Bishai commented, “our
agreement with PHD reflects a flourishing direction for distinguished informal real
estate developers to endowment infrastructure work to vital contractors
such as OCI to safeguard timely smoothness to their clients. We will
continue to aim work from critical genuine estate developers in the
region whose long-term prophesy and joining to peculiarity and smoothness is
aligned with that of OCI.”
PHD Chairman and Chief Executive Officer, Yassin Mansour, commented
“PHD seeks to name usually the tip partners in all of the projects. Our
agreement with OCI, one of the MENA region’s heading construction
companies, will serve make firm and indurate the on all sides in the
real estate market. One of PHD’s key building a whole policies has always
been on-time smoothness and courtesy to value and OCI’s strong
reputation and story in the marketplace creates them an preferred partner for us
to work with.”
About OCI Construction Group
The Construction Group ranks between the tip tellurian contractors and
operates underneath 3 graphic brands. The 3 groups yield a range
of building a whole services in key informal markets in the Middle East and
North Africa in serve to Europe, Africa and Central Asia. The Group
primarily focuses on infrastructure (energy and associated infrastructure
including oil & gas, energy and petrochemicals / amicable infrastructure
including large-scale tutorial campuses and healthcare comforts /
water together with wastewater and desalination), travel (including
roads, airports, ports and railway), industrial and high-end commercial
projects. To element the building a whole business, OCI additionally owns and
operates National Steel Fabrication, the largest manufacturer of
fabricated steel products in the Middle East, and has investments in
manufacturers of potion screen walling, paints and petrify pipes.
OCI not long ago voiced a corner try with Morgan Stanley to deposit in
infrastructure resources in the Middle East and Africa. The due joint
venture is positioned to gain on Morgan Stanley Infrastructure’s
investing imagination and the tellurian strech as good OCI’s internal and
regional recognition of infrastructure needs.
About Palm Hills Developments
PHD is a heading genuine estate developer and financier in the Egyptian
market, essentially building integrated residential, review and retail
projects. Founded in 2005 by Mansour and Maghraby Investment and
Development (MMID), the association – listed on the EGX and the London
Stock Exchange – was the outcome of a prophesy to emanate self-sufficient
communities by the function of integrated tools. Currently, PHD
commands an considerable register of some-more than nineteen projects, of that 9 are
under construction; strategically located in the East and West pivot of
Cairo, North Coast, Alexandria, and the Red Sea in Egypt.
For one some-more information
contact:
For one some-more report on OCI:
OCI Investor Relations
Department:
www.orascomci.com
Omar Darwazah
Email: OCI batch symbols: OCIC.CA / OCIC EY /
omar.darwazah@orascomci.com OCICqL / ORSD
Erika Wakid Orascom Construction Industries (OCI)
Email: Nile City Towers – South Tower
erika.wakid@orascomci.com 2005A Corniche El Nil
Cairo, Egypt
Hassan Badrawi
Director
Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409
This report is supposing by RNS
The association headlines use from the London Stock Exchange
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