Orascom Construction
{{Short description|Engineering company}}
{{Infobox company
| name = Orascom Construction PLC
| logo = Orascom_Construction_Logo.svg
| logo_size = 250px
| former_name = Orascom Onsi Sawiris & Co.
| type = Public
| traded_as = {{EGX|ORAS}}
| industry = Construction, engineering
| key_people = Jérôme Guiraud, Chairman
Osama Bishai, CEO
| revenue = {{nowrap|{{increase}} US$4,177.3 million}}
| revenue_year = 2022
| operating_income = {{decrease}} US$154.7 million
| income_year = 2022
| net_income = {{increase}} US$134.3 million
| net_income_year = 2022
| assets = {{nowrap|{{decrease}} US$3,531.4 million{{Cite web| title=Annual report 2022 | url=https://orascom.com/wp-content/uploads/2022-Annual-Report.pdf | archive-url=https://web.archive.org/web/20230609085556/https://orascom.com/wp-content/uploads/2022-Annual-Report.pdf | archive-date=2023-06-09}}}}
| assets_year = 2022
| equity = {{increase}} US$691.3 million
| equity_year = 2022
| footnotes =
| foundation = 1976
| homepage = {{url|https://orascom.com/}}
| slogan =
}}
Orascom Construction PLC (OC; {{langx|arz|اوراسكوم للإنشاء والصناعه}}) 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.{{cite news|url = https://www.zawya.com/mena/en/business/story/Orascom_Construction_seals_13bln_contracts_in_Q3-SNG_155880238/| title = Orascom Construction seals $1.3bln contracts in Q3| date= October 7, 2019| work = Zawya}}
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.{{Cite web |date=July 16, 2007 |title=Orascom Construction Industries S.A.E. announces OCI Invests in DPRK Cement |url=http://www.marketwired.com/press-release/orascom-construction-industries-sae-announces-oci-invests-in-dprk-cement-lse-orsd-751320.htm |archive-url=https://web.archive.org/web/20181120095352/http://www.marketwired.com/press-release/orascom-construction-industries-sae-announces-oci-invests-in-dprk-cement-lse-orsd-751320.htm |archive-date=2018-11-20 |website=Market Wired}} 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.{{Cite news |date=2023-08-28 |title=Nassef Sawiris {{!}} Bloomberg Billionaires Index |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/billionaires/ |access-date=2023-08-29}}
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.{{cite news |last1=Hollinger |first1=Peggy |last2=England |first2=Andrew |url=http://www.ft.com/cms/s/0/3bf1310e-a6f0-11dc-a25a-0000779fd2ac.html |archive-url=https://ghostarchive.org/archive/20221211221227/https://www.ft.com/content/3bf1310e-a6f0-11dc-a25a-0000779fd2ac |archive-date=11 December 2022 |url-status=live |url-access=subscription |date=10 December 2007 |title=Lafarge buys Orascom Cement for €10bn |work=Financial Times |access-date=21 September 2015 }}
In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.{{cite web|url=https://www.arabianbusiness.com/egypt-s-orascom-construction-wins-450m-of-saudi-projects-409169.html|title=Egypt's Orascom Construction wins $450m of Saudi projects|website=Arabian Business|date=7 July 2011|access-date=29 May 2019}}
In September 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company.{{cite web|url=https://www.ft.com/content/adb7b3b8-f820-11e1-bec8-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221211221243/https://www.ft.com/content/adb7b3b8-f820-11e1-bec8-00144feabdc0|archive-date=11 December 2022|url-status=live|url-access=subscription|title=Orascom Construction to expand in US|website=Financial Times|date=6 September 2012|author=Heba Saleh|access-date=29 May 2019}}{{cite web|url=https://www.bizjournals.com/pacific/news/2012/09/06/watts-constructors-parent-being.html|title=Watts Constructors' parent being bought by Orascom Construction Industries|website=Biz Journals|date=6 September 2012|access-date=29 May 2019}} In 2013, Cascade Investment invested $1 billion in Orascom Construction.{{Cite news | url=https://www.bloomberg.com/news/articles/2013-01-18/orascom-construction-gets-2-billion-from-bill-gates-investors| title=Bill Gates Group Invests $1 Billion in Orascom Construction| date=2013-01-19| work=Bloomberg.com| access-date=2017-04-12}} Following this investment, a Netherlands-based company, OCI NV, was created, and became the parent company of Orascom Construction.{{cite web|url=https://www.ft.com/content/3643e708-b188-11e2-b324-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221211221259/https://www.ft.com/content/3643e708-b188-11e2-b324-00144feabdc0|archive-date=11 December 2022|url-status=live|url-access=subscription|title=Orascom settles Egyptian tax dispute|website=Financial Times|date=30 April 2013|author=Heba Saleh|access-date=29 May 2019}}
In March 2015, Orascom Construction shares started trading at the Dubai Financial Market and Cairo's Egyptian Exchange.{{cite web|url=https://www.constructionweekonline.com/article-32871-orascom-construction-shares-begin-trading-in-dubai|title=Orascom Construction shares begin trading in Dubai|website=Construction Week Online|date=9 March 2015|author=Michael Fahy|access-date=29 May 2019}}
In July 2018, Orascom Construction partnered with Engie to build the largest wind farm in Egypt.{{cite web|url=https://www.constructionglobal.com/major-projects/orascom-construction-will-build-largest-windfarm-egypt|title=Orascom Construction will build the largest windfarm in Egypt|website=Global Construction|date=24 July 2018|author=Catherine Sturman|access-date=29 May 2019|archive-date=29 May 2019|archive-url=https://web.archive.org/web/20190529221452/https://www.constructionglobal.com/major-projects/orascom-construction-will-build-largest-windfarm-egypt|url-status=dead}} In May 2019, the consortium Bombardier Inc., Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo.{{cite web|url=https://www.660citynews.com/2019/05/27/bombardier-transportation-consortium-preferred-bidder-in-4-5b-cairo-monorail/|title=Bombardier Transportation consortium preferred bidder in $4.5B Cairo monorail|website=660 News|date=27 May 2019|access-date=29 May 2019}}
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
References
{{reflist}}
External links
- [https://orascom.com/ Orascom Construction website]
{{Portal|Companies}}
Category:Construction and civil engineering companies of Egypt
Category:Construction and civil engineering companies established in 1976
Category:Companies based in Cairo
Category:Egyptian companies established in 1976
Category:Companies listed on the Egyptian Exchange