Latest news with #Orascom
Yemen Online
29-07-2025
- Business
- Yemen Online
SNG: Orascom Construction's board greenlights transferring primary listing to ADX
Orascom Construction PLC has announced that its board of directors has approved a strategic move to transfer the company's primary share listing from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX). The company will retain its secondary listing on the Egyptian Exchange (EGX), reinforcing its dual-market presence. Key Developments: - The transfer is subject to shareholder approval and completion of regulatory procedures. - Orascom will relocate its legal headquarters from the Dubai International Financial Centre (DIFC) to the Abu Dhabi Global Market (ADGM). - An Extraordinary General Meeting (EGM) is scheduled for August 12, 2025, to finalize the transition. Financial Snapshot: - In Q1 2025, Orascom reported net profits of $27.1 million, down from $49.8 million in the same period last year, due to project delays and arbitration losses. - Revenue rose 10.6% year-on-year to $847.6 million, signaling operational resilience despite challenges. Orascom plans to scale back its Egypt-based projects to one-third of its portfolio by 2026, focusing on mega projects in the UAE and Saudi Arabia. Notably, the company secured a $2.6 billion EPC contract to expand the Qurayyah Independent Power Plant in Saudi Arabia. This move underscores Orascom's commitment to deepening its footprint in the Gulf's dynamic capital markets and aligning with investor demand across the region.
Zawya
19-06-2025
- Business
- Zawya
Egypt: Orascom Construction's backlog expected to hit $8bln in 2025-2029: HC Brokerage
Arab Finance: Orascom Construction's backlog is expected to hit $8 billion over the period from 2025 to 2029, with average annual new awards of $4.16 billion, HC Brokerage highlighted in a recent report. HC Brokerage released an update note on Egypt's construction sector, highlighting that Orascom Construction's adjusted margins improvement is expected to be sustained. Nesrine Mamdouh, Industrials Analyst at HC, projected that the company's earnings before interest, taxes, depreciation and amortization (EBITDA) would grow at a compound annual growth rate (CAGR) of nearly 11% during 2025–2029. Additionally, improved project execution is expected to lead a revenue CAGR of nearly 5.4% over the four-year period. Mamdouh noted: 'We also see ORAS's broad-based adjusted margins improvement to be sustained, driven by high-quality projects, better contract terms, higher FX and FX-equivalent exposure, improved cash flow and working capital management, a positive bottom-line contribution from its existing pool of concessions, reaching $15 million by 2027, and enhanced contribution from Besix.' 'We forecast ORAS consolidated EBITDA and net income to grow at a 2025–29 CAGR of c11% and c6%, respectively. We also estimate EBITDA margin to average c5.9% and net profit margin to average c3.5%, excluding FX gains and losses, over 2025–29,' she added. The analyst expected Egypt's construction spending to normalize, backed by a sharp moderation in public investment, equivalent to 36% of total investments during the first half (H1) of 2024/25. This marks a 22 bps drop from its three-year historical average. 'Nevertheless, we anticipate a baseline level of government investments to persist, particularly in strategic infrastructure projects and projects nearing completion in the transportation, water, and electricity interconnection sectors,' Mamdouh explained. She affirmed: 'We remain positive on the outlook of local and foreign private investments in Egypt, particularly in mega-scale, renewable energy, and industrial projects.' As for Ras El Hekma, the official noted that the development group is well-positioned to secure decent awards, with more clarity after Modon Holding finalizes the project's general master plan. 'We also expect improved collections for ORAS from its Egypt backlog by FY25/26, led by an improvement in the government's revenue-to-GDP ratio while containing expenditure-to-GDP, as per the International Monetary Fund's (IMF) April 2025 projections.' © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
18-06-2025
- Business
- Zawya
Orascom Construction expected to record high profits in 2025-2029
Egypt's Orascom Construction Company is expected to record high profits over the coming five years, buoyed by project upturn in Egypt and the Gulf oil producers, an Egyptian investment research firm said on Wednesday. An increase in public and private project investment in Egypt will give a strong push to Orascom Construction, which is also targeting projects in the six-nation Gulf Cooperation Council (GCC), HC Securities and Investment said. In a report released by HC's analyst Nisreen Mamdouh, the company said:'We expect construction spending in Egypt to be strong, especially on infrastructure and projects which have nearly completed, mainly transport, water and power.' The report added:'Our outlook for private local and foreign investment in Egypt remains positive, especially in mega projects in renewable energy and industry.' The report projected an 11 percent annual growth in Orascom profits during 2025-2025 and that projects executed by the Company would reach nearly $8 billion during that period, with an average annual value of new projects of around $4.16 billion. 'We expect an acceleration in project execution, which will boost its total revenues by around 5.4 percent annually during that period,' the report said. On Tuesday, Egypt's parliament endorsed an investment plan during the 2025-2026 fiscal year, which starts on 1 July and targets public investments of around 1.16 trillion Egyptian pounds ($2.3 billion), nearly 37 percent of the total targeted investments. (Writing by Nadim Kawach; Editing by Anoop Menon)
Zawya
14-05-2025
- Business
- Zawya
PM Madbouly inaugurates $60mln expansion of Hayat Egypt factory in Sokhna
Egypt - Prime Minister Mostafa Madbouly inaugurated the $60m expansion of Turkish company Hayat Egypt Hygienic Products, a factory that manufactures tissue paper from nonwoven materials. The expanded facility is located within Orascom Industrial Parks in the Sokhna Industrial Zone, part of the Suez Canal Economic Zone (SCZONE). The Prime Minister praised the SCZONE as a key destination for international investment, citing its strategic geographic location—linked to both the Mediterranean and Red Seas—and its integrated industrial zones connected to ports that enhance global trade and logistics. He also highlighted the state's major infrastructure developments, including national roads and tunnel networks, which have improved access between the eastern and western parts of the zone and supported development in Sinai and Canal cities. Madbouly noted the increasing diversity of foreign investment across various industrial and logistical sectors, all aimed at reaching nearly two billion global consumers. This, he said, is supported by Egypt's wide network of free trade agreements and international partnerships that facilitate export access to multiple markets. During his visit, the Prime Minister toured the facility's production line, including the preparation area, main machine and control room, packaging unit, and final product displays. Officials from Hayat Egypt presented the scope of the new plant, which spans 21,000 square meters and has created approximately 200 direct jobs. The factory's annual production capacity reaches 60,000 tonnes. SCZONE Chairman Walid Gamal El-Din said the expansion reflects the success of ongoing cooperation between Hayat Egypt, the SCZONE, and industrial developer Orascom Industrial Parks. He emphasized the authority's commitment to facilitating investment by supporting developers, port operators, and manufacturers through a comprehensive suite of services. Gamal El-Din also pointed to the SCZONE's continued push to digitize investor services through initiatives such as the one-stop shop and the newly inaugurated logistics center, which streamlines customs procedures and provides integrated investor support. These efforts, he said, align with the authority's broader strategic vision to create a globally competitive, investment-friendly environment backed by both financial and non-financial incentives. The expansion builds on Hayat Egypt's already significant presence in Sokhna. The company operates an existing hygienic products factory within the Orascom Industrial Zones area, spanning 400,000 square meters. That facility has attracted more than EGP 330m in investment and created 450 direct job opportunities. With the newly launched plant, the company's total investments in Egypt now exceed EGP 3.33bn (approximately $60m), and its total workforce has grown to 650 direct employees.
Irish Daily Star
28-04-2025
- Irish Daily Star
'Disappointing' Pyramids of Giza to get major upgrade after years of tourist complaints
Egypt is set to inject £38 million into revamping one of its most famous landmarks, the 4,500-year-old Pyramids of Giza, after it was announced that the mystery of a 3,500-year-old Egyptian mummy buried while screaming was finally solved. Long-standing criticisms from tourists regarding the conditions at the UNESCO World Heritage Site - which, despite its popularity, isn't the oldest pyramid in the world - include animal abuse, aggressive sales tactics, poor management, and overpopulation. However, all that is slated for change with a new project led by Orascom Pyramids Entertainment Services Company. Officials have shared plans for the refurbishment of several tombs, implementing an online system for ticket purchases, and enhancing the visitor center. Orascom has announced that they've deployed 45 electric buses at the site - which scientists have discovered has 'an anomaly' beneath its surface - expected to operate in five-minute intervals. Read More Related Articles An underrated Irish seaside town was once named best town in the world Read More Related Articles Plans revealed for Ireland's first-ever winter sports and entertainment arena Naguib Sawiris, the mastermind of Orascom Telecom Holding and Orascom Investment Holding, has warned on X that vendors who refuse to move to a newly designated area will be prohibited. The Pyramids of Giza in Egypt are getting a revamp (Image: (Image: Getty)) "The well-being of the public and preservation of this treasure is far more important than catering to the interests of 2,000 individuals who have caused harm to the country for years," he voiced in a statement, reports the Express . Additionally, a recent exposé by the People for the Ethical Treatment of Animals (PETA) revealed habitual abuse of animals and neglect leading to their demise along roadways. "PETA has documented the routine punching, kicking, whipping, and starving of horses and camels at the pyramids," disclosed PETA Asia Vice President Jason Baker. For all the latest news straight to your inbox, sign up for our FREE newsletters here . "Animals are literally ridden to death and then dumped like rubbish outside the gate. The Pyramids of Giza should symbolize Egypt's beauty and history - not unchecked animal abuse. The Egyptian government must act to remove these suffering animals from Giza." The Pyramids of Giza attract a significant number of visitors annually. In 2023, the Giza Pyramid complex welcomed approximately 14.7 million tourists from around the world. This number increased in 2024, with reports indicating that 15.7 million tourists visited the Pyramids of Giza that year. The rising number of visitors has led to concerns about overcrowding and the preservation of the site. In response, Egyptian authorities have implemented measures to manage tourist flow and protect the integrity of the pyramids, according to Internation Business Times UK. For the latest local news and features on Irish America, visit our homepage here .
