Led by Egypt’s Richest Family, The Sawiris Family, Orascom Construction adds $1.8 billion in new projects in the second quarter of 2022.
Orascom Construction, a Cairo-based construction firm led by Egypt’s richest family, has added $1.8 billion in new projects to its backlog of active construction projects in Q2 2022.
Fueled by the rapid development of an alternative New Cairo capital a few meters away from the out sketch of the main Capital, in a desert, According to Forsige Youtube.
Orascom Construction is 51.8 percent owned by the billionaire Sawiris family, while one of his sons, Egypt’s richest man Nassef Sawiris, controls 28.97 percent.
In 1950, the late Egyptian billionaire Onsi Sawiris founded Orascom Construction, international engineering, and construction corporation. By way of OS Private Trust Company.
According to the company’s press release, the new projects increased the overall number of awards affiliated with the company by 55% to $2.4 billion in 2022.
The company said that projects in Egypt accounted for 70% of new awards during the second quarter of 2022, as the group increased its participation in creating Egypt’s new high-speed rail system and inked a new 1,325-kilometer phase for the rail project.
In the second quarter of 2022, Orascom Construction, a Cairo-based building corporation led by Egypt’s richest family, added $1.8 billion in new projects to its backlog of active construction projects.
It also noted that new contracts in the United States accounted for 30% of new projects for the quarter, with the group’s expected consolidated backlog standing at $6.4 billion as of June 2022.
In the first quarter of 2022, Orascom Construction recorded profits of $15.3 million, a decline of more than 43.1 percent from the $26.9 million reported in the first quarter of 2021.
“We indicated in the previous quarter that we expected to experience challenges associated with the changing global economic situation,” said Osama Bishai, CEO of Orascom Construction.