Orascom Construction Limited (NASDAQ Dubai: OC) (EGX: ORAS) announced that its 50-50 joint venture with Arab Contractors has signed a contract with the National Authority for Tunnels to execute Phase 4B of Cairo Metro Third Line, according to press statement on Thursday.
The statement said that OC’s share of the contract amounts to approximately €295m.
“The joint venture will be responsible for the full scope of this new phase, which will stretch 6.1 km across a viaduct and five elevated stations,” the statement read. “Phase 4B follows the company’s previously announced contract awards for the third line of Cairo Metro”.
The company is currently executing contracts amounting to approximately €375m for Phase 3 and €90m for Phase 4A.