CAIRO: Orascom Construction Industries , Egypt’s biggest listed builder, said on Sunday it had formed a joint venture with state-owned Arab Contractors to bid on nuclear power projects in the Middle East.
Orascom said in a statement that the joint venture will bid on Egypt’s first nuclear power plant, planned to be located in Dabaa on the country’s Mediterranean coast, in February.
The companies aim to take advantage of growing interest in nuclear power projects across the region. OCI has already formed a joint venture with US bank Morgan Stanley to invest in Middle East infrastructure projects.
OCI’s venture with Arab Contractors "aims to benefit from these recently announced regional investment programs in the nuclear power sector", the companies said in a statement.
Egypt plans to build four nuclear plants as it seeks to boost its current installed power capacity of around 23,500 MW by an additional 58,000 MW by 2027.
The country suffered intermittent power cuts last summer as the system struggled to meet fast-growing demand.