Orascom Construction aims to slash business in Egypt to 50% by 2025-end
Updated 11/27/2024 9:07:00 AM
Arab Finance: Orascom Construction is targeting to reduce its business in Egypt to 50% of its total work volume by the end of 2025, CEO Osama Bishai revealed in an interview with Al Arabiya Business.
The company aims to focus more on high-quality projects with better profitability, both in terms of contract signing time and project execution.
Bishai explained that the recent projects secured by the company in the past years have begun to show positive results, which is evident in the third quarter (Q3) budget for 2024.
He noted that the devaluation of the Egyptian pound in March 2024 impacted the volume of work in the country, as the company reports in US dollars.
While the company has seen growth in ongoing projects, Bishai attributed the slowdown in new contract acquisition to Orascom's selective approach in choosing high-return projects, both in Egypt and internationally, including the US and the wider Arab region.
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