Orascom Construction PLC (OC; ) is an engineering, procurement and construction (EPC) contractor based in Cairo, Egypt. The company was Egypt's first multinational corporation. OC is active in more than 25 countries.[2]
History
OC was established in Egypt in 1976 and then owned by Onsi Sawiris. As of 2007, it owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, Iraq, North Korea and Spain, which had a combined annual production capacity of tens of millions of tonnes.[3] OC was the second company formed by Sawiris, having previously opened another construction company in Upper Egypt in 1950 which was nationalized under Gamal Abdel Nasser in 1961.[4]
In December 2007, OC announced the divestment of its cement group, Orascom Building Materials Holding (OBMH), the holding company for its cement group assets, to the French Lafarge.[5]
In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.[6]
In September 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company.[7][8] In 2013, Cascade Investment invested $1 billion in Orascom Construction.[9] Following this investment, a Netherlands-based company, OCI NV, was created, and became the parent company of Orascom Construction.[10]
In March 2015, Orascom Construction shares started trading at the Dubai Financial Market and Cairo's Egyptian Exchange.[11]
In July 2018, Orascom Construction partnered with Engie to build the largest wind farm in Egypt. In May 2019, the consortium Bombardier Inc., Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo.[12]
Orascom was part of a joint venture with the Belgian company, BESIX Group to build the Grand Egyptian Museum.[13]
Legal issues
In 2013, Orascom Group agreed to pay up to $1 billion in tax fines to the Egyptian tax collector following irregularities in the 2007 sale to Lafarge.[10][14]
See also
- Orascom Telecom Holding
External links
References
- Annual report 2022^
- Orascom Construction seals $1.3bln contracts in Q3 Zawya, October 7, 2019^
- Orascom Construction Industries S.A.E. announces OCI Invests in DPRK Cement Market Wired, July 16, 2007^
- Nassef Sawiris Bloomberg.com, 2023-08-28, retrieved 2023-08-29^
- Peggy Hollinger, Andrew England. Lafarge buys Orascom Cement for €10bn Financial Times, 10 December 2007, retrieved 21 September 2015^
- Egypt's Orascom Construction wins $450m of Saudi projects Arabian Business, 7 July 2011, retrieved 29 May 2019^
- Heba Saleh. Orascom Construction to expand in US Financial Times, 6 September 2012, retrieved 29 May 2019^
- Watts Constructors' parent being bought by Orascom Construction Industries Biz Journals, 6 September 2012, retrieved 29 May 2019^
- Bill Gates Group Invests $1 Billion in Orascom Construction Bloomberg.com, 2013-01-19, retrieved 2017-04-12^
- Heba Saleh. Orascom settles Egyptian tax dispute Financial Times, 30 April 2013, retrieved 29 May 2019^
- Michael Fahy. Orascom Construction shares begin trading in Dubai Construction Week Online, 9 March 2015, retrieved 29 May 2019^
- Bombardier Transportation consortium preferred bidder in $4.5B Cairo monorail 660 News, 27 May 2019, retrieved 29 May 2019^
- Grand Egyptian Museum Besix, retrieved 26 December 2025^
- Egypt's OCI to pay $1 bln to settle tax dispute Reuters, 2013-04-30, retrieved 2025-09-21^