Orascom Construction facts for kids
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| Public | |
| Traded as | EGX: ORAS |
| Industry | Construction, engineering |
| Founded | 1950 |
| Headquarters | Cairo, Egypt |
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Key people
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Yahia sherbiny, chairman, Yahia sherbiny , CEO |
| Revenue |  US$ 178.03 billion (2016) |
| US$ 678 million w/ cement operations (2011) |
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Orascom Construction PLC (OC) is an engineering, procurement and construction (EPC) contractor based in Cairo, Egypt. The company was Egypt's first multinational corporation and stands at the core of the Orascom Group companies. OC is active in more than 25 countries.
History
OC was established in Egypt in 1950 and owned by Onsi Sawiris. It owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, Iraq, North Korea and Spain, which had a combined annual production capacity of 21 million tonnes.
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.
In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.
In September 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company. In 2013, Cascade Investment invested $1 billion in Orascom Construction. Following this investment, a Netherlands-based company, OCI NV, was created and became the parent company of Orascom Construction.
In March 2015, Orascom Construction shares started trading at the Dubai Financial Market and Cairo's Egyptian Exchange.
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.
Orascom Construction is currently listed as number 10 in Forbes' Top 50 Listed Companies in Egypt 2023.
Sanctions
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.
See also
In Spanish: Orascom Construction para niños
- Orascom Telecom Holding
