Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that its 50:50 joint venture with FCC Aqualia, a subsidiary of FCC, has signed an engineering, procurement and construction (EPC) contract to build Abu Rawash Wastewater Treatment Plant in Egypt for approximately USD 320 million.
The facility will have a capacity of 1.6 million cubic meters per day, comprised of primary and secondary treatment units, and is planned to be constructed over phases in 37 months. Once complete, the facility will serve 6 million people.
In addition to the EPC scope, the joint venture will operate and maintain the facility for three years. This operation and maintenance scope highlights Orascom Construction’s strategy to grow a recurring income portfolio in the infrastructure sector.
A 50:50 joint venture between Orascom Construction and Aqualia New Europe is currently the co-owner and co-developer of New Cairo Wastewater Treatment Plant, Egypt’s first public private partnership.
Osama Bishai, CEO of Orascom Construction, commented, “This award confirms our ability to continue to secure quality contracts and underscores our strategy to focus on water-related projects, such as our two recently-signed water desalination plants, due to the strategic need of this sector in Egypt. We are also pleased to collaborate again with our partner FCC Aqualia, demonstrating our long-term successful relationship.”