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Wed 2 Mar 2011 04:24 PM

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Egypt's Orascom signs $146m Abu Dhabi contract

Egyptian construction group's joint venture to undertake civil works and building projects in the UAE capital

Egypt's Orascom signs $146m Abu Dhabi contract
DEAL SIGNED: Orascom Construction have signed a $146m contract in an Abu Dhabi joint venture (Image Supplied)
Egypt's Orascom signs $146m Abu Dhabi contract
DEAL SIGNED: Orascom Construction have signed a $146m contract in an Abu Dhabi joint venture (Image Supplied)

Egyptian group Orascom Construction has signed a $146m contract in Abu Dhabi in a joint venture to finish civil works and building projects.

Egypt's biggest listed company signed the deal with Tecnimont, an Italian engineering and construction company, and South Korean group Samsung Engineering Company to finish work for the Abu Dhabi Polymers Company.

"This award affirms the group's goal of expanding its international operations and its continued strategy to pursue projects in Abu Dhabi," chief executive Nassef Sawiris said on Wednesday.

"This is an important milestone in our strategic relationship with Tecnimont ... and we are looking forward to further cooperation in other sectors," he said. "We are also pleased to start a new relationship with Samsung Engineering."

Abu Dhabi Polymers is a 60-40 joint venture between the Abu Dhabi National Oil Company and Austria-based Borealis.

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