Jan 25 2011
OCI Signs Agreement with Emaar Misr to Execute Works Valued at a Total of EGP 800 million.
Orascom Construction Industries (OCI) announced today that it has signed a contracting agreement with Emaar Misr, the wholly owned subsidiary of global developer Emaar Properties PJSC, to execute commercial work for the developer's Mivida and Marassi projects for a total value of EGP 800 million.
OCI will execute Villas of Package 18 and Village D (Type V4) at Marassi, located on the North Coast of Egypt. Additionally, OCI will carry out and complete Estate Villas (Parcel 4), Palmera Townhomes (Parcel 2) and other Villas at Mivida situated in New Cairo. The scope of the work includes concrete skeleton in addition to the internal and external finishes of villas and townhomes.
The works are expected to be completed in 22 months.
OCI Construction Group Managing Director, Osama Bishai commented, "OCI has played a significant role in Emaar Misr's projects since 2007 and was instrumental in the early delivery of several packages, most recently the first phase of the Catania Apartment Buildings in December. We will continue to execute further work for top regional real estate developers who share OCI's vision of quality and timely delivery to clients."
Emaar Misr CEO, Mohamed El Dahan commented, "We are pleased to award OCI further work on our flagship projects in Egypt. OCI, one of the biggest construction firms in the region, has consistently delivered quality and timeliness to Emaar Misr which Emaar requires in all of its projects across the world."
Emaar Misr General Manager, Hazem Ashry commented, "Mivida combines a perfect balance between luxury, high quality standards and value for money and our signing with OCI reflects our commitment to deliver our high international quality standards units on the promised delivery dates."
Source: http://www.orascomci.com/