Night view of the Nile City Towers. Orascom Construction headquarters is at the south tower (on the right). In between the two towers lies the Fairmont Hotels and Resorts.
OC was established in Egypt in 1976 and then owned by Onsi Sawiris. As of 2007, it owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, Iraq, North Korea and Spain, which had a combined annual production capacity of tens of millions of tonnes.[3] OC was the second company formed by Sawiris, having previously opened another construction company in Upper Egypt in 1950 which was nationalized under Gamal Abdel Nasser in 1961.[4]
In December 2007, OC announced the divestment of its cement group, Orascom Building Materials Holding (OBMH), the holding company for its cement group assets, to the French Lafarge.[5]
In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.[6]
In September 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company.[7][8] In 2013, Cascade Investment invested $1 billion in Orascom Construction.[9] Following this investment, a Netherlands-based company, OCI NV, was created, and became the parent company of Orascom Construction.[10]
In July 2018, Orascom Construction partnered with Engie to build the largest wind farm in Egypt.[12] In May 2019, the consortium Bombardier Inc., Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo.[13]
Sanctionsedit
In 2013, Orascom Group agreed to pay up to $1 billion in tax fines to the Egyptian tax collector following irregularities in the 2007 sale to Lafarge.[10]
^Hollinger, Peggy; England, Andrew (10 December 2007). "Lafarge buys Orascom Cement for €10bn". Financial Times. Archived from the original on 2022-12-11. Retrieved 21 September 2015.
^"Egypt's Orascom Construction wins $450m of Saudi projects". Arabian Business. 7 July 2011. Retrieved 29 May 2019.
^Heba Saleh (6 September 2012). "Orascom Construction to expand in US". Financial Times. Archived from the original on 2022-12-11. Retrieved 29 May 2019.
^"Watts Constructors' parent being bought by Orascom Construction Industries". Biz Journals. 6 September 2012. Retrieved 29 May 2019.
^"Bill Gates Group Invests $1 Billion in Orascom Construction". Bloomberg.com. 2013-01-19. Retrieved 2017-04-12.
^ abHeba Saleh (30 April 2013). "Orascom settles Egyptian tax dispute". Financial Times. Archived from the original on 2022-12-11. Retrieved 29 May 2019.
^Michael Fahy (9 March 2015). "Orascom Construction shares begin trading in Dubai". Construction Week Online. Retrieved 29 May 2019.
^Catherine Sturman (24 July 2018). "Orascom Construction will build the largest windfarm in Egypt". Global Construction. Retrieved 29 May 2019.
^"Bombardier Transportation consortium preferred bidder in $4.5B Cairo monorail". 660 News. 27 May 2019. Retrieved 29 May 2019.
orascom, construction, egyptian, arabic, اوراسكوم, للإنشاء, والصناعه, engineering, procurement, construction, contractor, based, cairo, egypt, company, egypt, first, multinational, corporation, stands, core, orascom, group, companies, active, more, than, count. Orascom Construction PLC OC Egyptian Arabic اوراسكوم للإنشاء والصناعه is an engineering procurement and construction EPC contractor based in Cairo Egypt The company was Egypt s first multinational corporation and stands at the core of the Orascom Group companies OC is active in more than 25 countries 2 Orascom Construction PLCFormerlyOrascom Onsi Sawiris amp Co Company typePublicTraded asEGX ORASIndustryConstruction engineeringFounded1976HeadquartersCairo EgyptKey peopleJerome Guiraud ChairmanOsama Bishai CEORevenueUS 4 177 3 million 1 2022 Operating incomeUS 154 7 million 1 2022 Net incomeUS 134 3 million 1 2022 Total assetsUS 3 531 4 million 1 2022 Total equityUS 691 3 million 1 2022 Websiteorascom wbr com Contents 1 History 2 Sanctions 3 See also 4 References 5 External linksHistory edit nbsp Night view of the Nile City Towers Orascom Construction headquarters is at the south tower on the right In between the two towers lies the Fairmont Hotels and Resorts OC was established in Egypt in 1976 and then owned by Onsi Sawiris As of 2007 it owned and operated cement plants in Egypt Algeria Turkey Pakistan Iraq North Korea and Spain which had a combined annual production capacity of tens of millions of tonnes 3 OC was the second company formed by Sawiris having previously opened another construction company in Upper Egypt in 1950 which was nationalized under Gamal Abdel Nasser in 1961 4 In December 2007 OC announced the divestment of its cement group Orascom Building Materials Holding OBMH the holding company for its cement group assets to the French Lafarge 5 In July 2011 Orascom Construction won a 450 million bid in Saudi Arabia 6 In September 2012 Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company 7 8 In 2013 Cascade Investment invested 1 billion in Orascom Construction 9 Following this investment a Netherlands based company OCI NV was created and became the parent company of Orascom Construction 10 In March 2015 Orascom Construction shares started trading at the Dubai Financial Market and Cairo s Egyptian Exchange 11 In July 2018 Orascom Construction partnered with Engie to build the largest wind farm in Egypt 12 In May 2019 the consortium Bombardier Inc Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo 13 Sanctions editIn 2013 Orascom Group agreed to pay up to 1 billion in tax fines to the Egyptian tax collector following irregularities in the 2007 sale to Lafarge 10 See also editOrascom Telecom HoldingReferences edit a b c d e https orascom com wp content uploads 2022 Annual Report pdf Orascom Construction seals 1 3bln contracts in Q3 Zawya October 7 2019 Orascom Construction Industries S A E announces OCI Invests in DPRK Cement Market Wired July 16 2007 Archived from the original on 2018 11 20 Nassef Sawiris Bloomberg Billionaires Index Bloomberg com 2023 08 28 Retrieved 2023 08 29 Hollinger Peggy England Andrew 10 December 2007 Lafarge buys Orascom Cement for 10bn Financial Times Archived from the original on 2022 12 11 Retrieved 21 September 2015 Egypt s Orascom Construction wins 450m of Saudi projects Arabian Business 7 July 2011 Retrieved 29 May 2019 Heba Saleh 6 September 2012 Orascom Construction to expand in US Financial Times Archived from the original on 2022 12 11 Retrieved 29 May 2019 Watts Constructors parent being bought by Orascom Construction Industries Biz Journals 6 September 2012 Retrieved 29 May 2019 Bill Gates Group Invests 1 Billion in Orascom Construction Bloomberg com 2013 01 19 Retrieved 2017 04 12 a b Heba Saleh 30 April 2013 Orascom settles Egyptian tax dispute Financial Times Archived from the original on 2022 12 11 Retrieved 29 May 2019 Michael Fahy 9 March 2015 Orascom Construction shares begin trading in Dubai Construction Week Online Retrieved 29 May 2019 Catherine Sturman 24 July 2018 Orascom Construction will build the largest windfarm in Egypt Global Construction Retrieved 29 May 2019 Bombardier Transportation consortium preferred bidder in 4 5B Cairo monorail 660 News 27 May 2019 Retrieved 29 May 2019 External links editOrascom Construction website nbsp Companies portal Retrieved from https en wikipedia org w index php title Orascom Construction amp oldid 1216335863, wikipedia, wiki, book, books, library,
