Management of Orascom Construction (OC) held a conference call to discuss 3Q results and outlook. Main highlights from the call are as follows:   Impact of EGP devaluation on net income seen limited going forward, with FX gains (on net asset position) expected to be offset by inflationary pressure. That said, management has indicated that should the EGP/USD exchange rate holds above the EGP17 mark, this would have a positive effect on the company’s bottom-line A significant negative hit is expected in equity in 4Q16, on translation of the value of the Egyptian operations and EGP-denominated borrowings. These amounts are estimated at USD130mn   Strategy in Egypt is unchanged, with focus continuing to be on targeting specific projects with secured financing. Management is eyeing more Metro packages, as well as other projects with the Ministry of Electricity and the Ministry of Defense. Opportunity seen in the healthcare segment as well US operations will continue to grow. Management has noted that the pipeline for Weitz is healthy OC N.V. related work seen concluded before end of 2017, with the majority ending by mid-year An important commissioning milestone is planned this week for Iowa, namely the introduction of gas in the ammonia upstream area, with the production of ammonia planned for before end of 2016 Netgas is progressing on schedule, with EBITDA margin seen above the 20% mark   Confirmed that some payments from Saudi Arabia have starting flowing, particularly those related to Jeddah Airport, which represents the bulk of the pending work in Saudi Arabia. No progress yet on inflows from Binladin. Management continues to be conservative on the Saudi market; yet, indicated that the Saudi government is believed to be keen to complete the project   No dividends is planned for 2016: Focus will be to finance cost overruns on Iowa. 2017 dividends to be assessed at a later stage (Company conference call, Mai Attia, Sara Boutros)   Orascom Construction Limited: EGP99.60 as of 22 November 2016, Rating: Neutral, FV: EGP93.63 per share, MCap: USD674mn, ORAS EY / ORAS.CA