UAE’s Orascom, Saudi Binladin Group launch SAR 469 mln JV

01/09/2015 Argaam

The United Arab Emirates’ Orascom Construction Limited (OC) and Saudi Binladin Group (SBG) have signed an agreement to establish a SAR 469 million joint venture which will provide infrastructure services for a 64,000 square meter mixed-use project in Saudi Arabia.

 

OC is planning to enhance its presence in the kingdom directly and through partnerships such as the SBG joint venture, the Dubai-based company said in a statement.

 

The contract was finalized in the second quarter of this year, which also saw other agreements formed, including several infrastructure projects in Egypt, as well a $1.8 billion project to build two power plants in the country.

 

OC is dually listed on NASDAQ Dubai and the Egyptian Exchange (EGX) as a global engineering and construction company.

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