Egyptian Orascom Construction Industries (OCI) to joint venture with
Al-Futtaim Carillion had secured a $340 million deal to build a retail
centre in Cairo, reported OCI on WednesdayThere are no comments up to now.
| Egypt OCI, partner to build Cairo retail centre |
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| Written by Egypt News | |
| Thursday, 07 May 2009 | |
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Egypt’s OCI said that "OCI's share of the contract is 35 percent or
approximately $120 million. The project was awarded by the commercial
and administrative arm of the Al-Futtaim Group" The retail centre in Cairo Festival City will be made up of 400 shopping units with room for a hypermarket, cinema complex, restaurants and a water amusement park, the company said. OCI said the joint venture had received a letter of intent for the project, which is slated for completion in the second quarter of 2012 with a total built-up area of 425,000 square metres. In March, OCI chief executive Nassef Sawiris told Reuters the firm expected a rise of between 20 and 30 percent in construction revenue in 2009.
The company has said it would concentrate on fertilisers after selling its cement unit to French company LaFarge last year. It has fertiliser operations in Egypt, Nigeria and Algeria.
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