Nov 25 2010
OCI Signs Global Agreement with Palm Hills Developments to Construct Select Infrastructure Works for the Developer's Projects
Orascom Construction Industries (OCI) announced today that it has signed a contracting agreement with Palm Hills Developments (PHD), a leading real estate developer in Egypt, to construct infrastructure works and select commercial projects for the developer over the next 2 to 4 years.
As part of the agreement, OCI will execute infrastructure works related to PHD's projects in Cairo, Greater Cairo, Ain El Sokhna and the North Coast of Egypt. In addition, the scope of the agreement allows PHD to award OCI with additional commercial projects that may include malls, hotels and office parks at a later date. Under the agreement, OCI will start three projects - one in the North Coast and two at Greater Cairo area - with an expected value exceeding EGP 600 million.
OCI Construction Group Managing Director, Osama Bishai commented, "our agreement with PHD reflects a growing trend for prominent regional real estate developers to award infrastructure work to major contractors such as OCI to ensure timely delivery to their clients. We will continue to target work from serious real estate developers in the region whose long-term vision and commitment to quality and delivery is aligned with that of OCI."
PHD Chairman and Chief Executive Officer, Yassin Mansour, commented "PHD seeks to select only the top partners in all of its projects. Our agreement with OCI, one of the MENA region's leading construction companies, will further strengthen and solidify our position in the real estate market. One of PHD's key construction policies has always been on-time delivery and attention to excellence and OCI's strong reputation and history in the market makes them an ideal partner for us to work with."
Source: http://www.orascomci.com