This milestone marks the 23^rd consecutive year for the “Onsi Sawiris Scholarship Program”. Since 2000, Orascom Construction, in partnership with the Sawiris Foundation for Social Development, has awarded 96 scholarships to Egyptian students. Previous candidates have attended top US institutions including Harvard University, Stanford University, the University of Chicago, Massachusetts Institute of Technology and the University of Pennsylvania.

The “Onsi Sawiris Scholarship Program” provides scholarships to Egyptian graduate & undergraduate students to attend prestigious universities in the United States in fields that contribute to the economic development of Egypt. The scholarships include full tuition, living allowance, travel allowance and health insurance. Students are selected based on character and merit as demonstrated through academic excellence, extracurricular activities and entrepreneurial initiative. 

Orascom Construction believes that education plays a critical role in the positive development of Egypt. As such, the Onsi Sawiris Scholarship Program requires students to return to Egypt upon completion of their degrees.

For more information, please visit: http://www.onsisawirisscholarship.org/.

Please view the attachment for the full press release.

The post Orascom Construction Sponsors Egyptian Students to Study in USA for the 23rd Consecutive Year appeared first on Orascom Construction.

The transaction was executed on Nasdaq Dubai. The Company will cancel these shares after three months and will hold these shares as treasury shares until such cancellation occurs.

Shareholders approved this transaction at an Annual General Meeting held on May 31.

This share buyback reiterates the Board and management’s confidence in the Company’s performance, and highlights commitment to effective capital allocation and long-term shareholder returns.  

The post Orascom Construction Completes Share Buyback of 5.6% appeared first on Orascom Construction.

The post Orascom Construction Reports Backlog of USD 5.5 Billion and Revenue of USD 804.9 Million in Q1 2023 appeared first on Orascom Construction.

The greenfield project will be funded through a special purpose vehicle (SPV) on a build, own, operate and transfer (BOOT) model for 30 years. ADNOC and TAQA will jointly hold a 51% stake in the SPV, and Orascom Construction and Metito will own 49% (24.5% each).

The mega project will comprise a greenfield seawater nanofiltration plant with a treatment capacity of more than 110 million imperial gallons per day (500,000 m3/day) in addition to seawater intake and outfall facilities, pumping stations, a water transmission pipeline of approximately 75km, and an in-field distribution network of more than 230km to support reservoir pressure maintenance in the Bab and Bu Hasa fields in Abu Dhabi.

The project will replace the current aquifer water injection systems used for maintaining reservoir pressure in ADNOC’s onshore oil fields, thereby ensuring sustainable water supply for ADNOC’s onshore operations while preserving the UAE’s natural aquifer resources. The project will also enhance energy efficiency by up to 30% and reduce ADNOC’s environmental footprint compared to the current injection system.

Osama Bishai, CEO of Orascom Construction, commented, “We are proud to partner with ADNOC and TAQA to deliver a project that is key to the sustainable development of the UAE’s oil and gas sector. We started our focus on important water projects over a decade ago and have since played a major role in undertaking some of the most complex projects in this sector. We are also very pleased to strengthen our presence in the UAE as we continue to target strategic projects in the region across sectors in which we have developed strong expertise. This project also plays a key role in our growth strategy to pursue infrastructure investments that provide both construction opportunities and long-term recurring income.”

Rami Ghandour, Metito Managing Director, emphasized, “The UAE established its name as the leader for knowledge-based, future-focused economic strategies and a leader in combating climate change and promoting water positivity.  Being a global hub for innovations and sustainable practices, this mega project is testament of how capitalizing on technology can revolutionize industry norms and practices to best preserve valuable water resources and the environment. Over the years Metito has built a strategic project portfolio of mega concession projects and iconic world and industry firsts and we are confident this will be a landmark project and a global milestone. We are honoured to be part of this.”

The post Orascom Construction – Metito Consortium to Develop, Own and Operate a Large-Scale Seawater Treatment and Water Transportation Project Worth Up to $2.4 Billion in the UAE appeared first on Orascom Construction.

This divestment to Sika was a subsequent transaction to the completion of Sika’s global acquisition of MBCC Group announced on May 2.

Orascom Construction’s share of the gross proceeds for its 28.25% effective stake amounts to EGP 1.8 billion.

Orascom Construction owns 56.5% of United Holding Company, which in turn owned 50% of the divested subsidiary. The other 50% owner was MBCC Group. The subsidiary was a producer of specialty chemicals such as admixtures and construction products in Egypt and Algeria.  

Following this divestment, the Group still holds an existing portfolio across building materials and equipment services. This divestment is part of the Group’s strategy to extract value across its assets for allocation to growth and value-accretive areas including concessions, renewable energy, and returning capital to shareholders. The Group will continue to explore similar opportunities for value extraction and capital allocation.

The post Orascom Construction Divests Construction Chemicals Subsidiary for EGP 1.8 Billion appeared first on Orascom Construction.

Following this purchase, the Company will cancel these shares within a period between three and twelve months, and hold these shares as treasury shares until such cancellation occurs.

Shareholders will vote on this proposed transaction at an Annual General Meeting to be held on May 31.

This transaction reiterates the Board and management’s confidence in the Company’s performance and highlights commitment to long-term shareholder returns.  

The post Orascom Construction Proposes to Purchase 5.6% of its Own Shares appeared first on Orascom Construction.

• Resolution 1: That the Company’s financial statements as at and for the financial year ended 31 December 2022 together with the notes to those financial statements and the Director’s and auditor’s reports on those financial statements be and are hereby approved.
• Resolution 2: That Sami Haddad be and is hereby reappointed as a non-executive director of the Company, in accordance with the Company’s articles of association.
• Resolution 3: That Nada Shousha be and is hereby reappointed as a non-executive director of the Company, in accordance with the Company’s articles of association.
• Resolution 4: That KPMG LLP be and is hereby reappointed as independent external auditor of the Company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting of the Company at which audited financial statements are laid.
• Resolution 5: That, subject to Resolution 4 above being passed, the Board be and are hereby generally and unconditionally authorised to determine the remuneration for the external auditor, KPMG LLP.
• Resolution 6: That, subject to obtaining the required regulatory approvals, the Company proceeds with the purchase of 6,517,444 of its own shares (the “Shares”), representing 5.58% of the Company’s total issued share capital, from Ms. Melinda French Gates, for the price of USD 3.00 per share.
• Resolution 7: That, following the acquisition referred to in Resolution 6 above, the Shares are cancelled within a period between three (3) and twelve (12) months from the date of acquisition, being held by the Company as treasury shares until such cancellation occurs.

The post Notice of Annual General Meeting appeared first on Orascom Construction.

The consortium will operate and maintain the wind farm under a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the plant will be connected to the grid over two phases with full commercial operation planned in Q3 2025. EETC’s obligations under the PPA are backed by Egypt’s Ministry of Finance. 

The wind farm will be built, owned and operated by Red Sea Wind Energy S.A.E., which is owned by a Consortium of ENGIE (35%), Orascom Construction (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%). Orascom Construction will execute the construction of the civil and electrical works of the wind farm.

The project will be capable of delivering clean power to more than 800,000 Egyptian homes. The project also helps accelerate Egypt’s transition to renewable power generation and will reduce CO2 emissions by approximately 1 million tons annually. The project falls under the energy pillar of the Nexus of Water-Food-Energy (NWFE) program, an initiative the Government of Egypt presented at COP 27 in November 2022 that is expected to contribute toward the energy transition.

Non-recourse project financing is provided by the Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A. under a Nippon Export and Investment Insurance (NEXI) cover, and the European Bank for Reconstruction and Development (EBRD). HSBC Bank Egypt S.A.E. is acting as working capital bank and Onshore Security Agent.

This new 500 MW wind farm project builds on the past success achieved by the consortium in developing Egypt’s first renewable energy Independent Power Producer (IPP) project of its kind and size (completed in October 2019 ahead of schedule), and tripples the developer consortium’s wind energy capacity in Egypt to 762.5 MW.

This project marks the first co-financing between JBIC and the EBRD since the signing of an MOU in October 2022 to fortify cooperation between the two organizations, and the first joint project between NEXI and the EBRD since the signing of an MOU in October 2020.

“ENGIE is delighted to be replicating the same partnerships as it has with the 262.5MW Ras Ghareb wind farm for the Gulf of Suez 2 which once completed in 2025 will be one of the largest onshore wind facility in ENGIE’s portfolio. We want to showcase ENGIE’s commitment to supporting the Egyptian government’s ambitions to transition to a lower carbon economy.” said Mo Hoosen, ENGIE Managing Director Renewables AMEA & South Africa Country Manager.

Khaled El Degwy, Orascom Construction Executive Director – Concessions, commented, “We are pleased to extend our collaboration with both our partners and the Ministry of Electricity, EETC and NREA as we achieve this major milestone on our second wind farm in Egypt. This project marks the joint efforts of our consortium, a strong group of international financial institutions, export agencies and commercial banks, and EETC and NREA to deliver an important project that helps accelerate the transformation of the renewable energy sector in Egypt.”

According to Toshiyuki Ishikuro,Toyota Tsusho Corporation’s Chief Operation Officer for Machinery, Energy & Project Division, “Toyota Tsusho Corporation and our subsidiary Eurus Energy Holdings Corporation are delighted to continue with this historic 500MW Wind Project with our partners ENGIE & Orascom and the Egyptian Government. Egypt is a very important partner of us with 90 years of business history and we remain committed to achieving Carbon Neutrality in Egypt “.

The post 500 MW Gulf of Suez 2 Wind Farm Project Achieves a Major Milestone in Egypt appeared first on Orascom Construction.

The post <strong>Orascom Construction Reports Backlog of USD 5.3 Billion and Net Income of USD 113.5 Million in FY 2022</strong> appeared first on Orascom Construction.

The record date for the dividend is 2 February 2023 and the payment date is 9 February 2023.

The Company shall pay the dividend in U.S. dollars to shareholders holding shares on Nasdaq Dubai and in Egyptian pounds to shareholders holding shares on the Egyptian Exchange at the record date. The latter will be based on the USD/EGP sell exchange rate announced by the Central Bank of Egypt as of 23 January 2023.

The post Orascom Construction to Distribute an Interim Dividend of USD 0.1850 Per Share in February 2023 appeared first on Orascom Construction.