Orascom Construction PLC announced the addition of new contracts worth $670m to the value of projects under implementation in the third quarter (3Q) of 2022.
The company explained that this brings the total value of new contracts during the first nine months of this year to $3.1bn.
The company added that projects in the Middle East represent 70% of the total value of new contracts signed during 3Q 2022, pointing out that they are concentrated in the infrastructure, logistics, and commercial sectors.
Meanwhile, new contracts in the US represent 30% of the total projects, the largest percentage of which is concentrated in the data centre sector.
The company also stated that the value of the projects under implementation is expected to have reached $6.1bn by the end of September 2022.
In September, Orascom Construction PLC revealed that its subsidiary — Orascom Construction — signed an agreement with the Internal Trade Development Authority of the Ministry of Supply.
The company explained that the agreement included the implementation of a strategic warehouse for basic commodities on a build-own-operate system in Fayoum.
It also emphasised that the project will play an important role in providing logistical services to cover the needs of local and future consumption of basic commodities in Egypt.
Furthermore, it announced that construction work is scheduled to start after the provision of funding and for a period of up to 15 months.
Sources also revealed to Daily News Egypt that the company has started negotiations with several banks to obtain a credit facility to finance several projects.
