CAIRO: BESIX was awarded a contract to finance, construct and operate two new wastewater treatment plants for Abu Dhabi and Al Ain in the UAE, according to a press statement.
The company, 50 percent of which is owned by Egypt’s Orascom Construction Industries was awarded the Build, Own, Operate and Transfer (BOOT) contract in a joint venture with VEOLIA Water.
The contract was signed with the Abu Dhabi Water and Electricity Authority for a period of 25 years, of which 2.5 years will be required for construction.
BESIX will participate in the capacity of 33 percent in the operation and maintenance of the plants for a period of 22.5 years. It has a 50 percent share in the contract value of ?525 million.
The wastewater plants will have a capacity of 300,000 cubic meters and 130,000 cubic meters in Abu Dhabi and Al Ain, respectively, and will provide complete treatment of the water, complying with the requirements of ADWEA, which makes it usable for irrigation and green zones in both cities.
Commenting on the announcement, investment firm Beltone Financial said, “This is a significant contract for OCI and is likely to see a healthy cash flow stream throughout its timeline. It is also further confirmation that OCI’s exposure as a contractor is both geographically diversified and, perhaps more importantly, mainly focused on infrastructure, which makes it less susceptible as a contractor to the prospects of residential and commercial real estate in its key markets.
In February 2006, BESIX signed a concession with the Emirate of Ajman valued at ?429 million.
The BESIX group is a multi-service group operating in the construction and real estate sectors, specializing in buildings, infrastructure and environment projects as well as industrial civil engineering, maritime and port works.
Based in Brussels since 1909, it is considered the largest construction company in Belgium with projects in Europe, Africa and the Middle East.
OCI is Egypt s largest builder by market value.
