Orascom Construction Limited [ORAS] announced that its joint venture with the UAE-based Al Sahraa Group has been awarded cUSD180mn for the expansion of Fujairah International Airport in the UAE. ORAS’ share of the joint venture is 60%. The project’s scope encompasses the main infrastructure works for the airport expansion, including a new air traffic control tower, the extension of the existing runway, a new emergency runway, a rapid exit taxiways and the airport special systems. ORAS noted that the group has already executed similar work for the majority of military and civilian airports in Egypt, as well as of KSA’s King Abdulaziz International Airport and UAE’s Al Dhafra Air Base. 

Orascom Construction Limited: ORAS.CA162.57 as of 19 Mar. 2018, Rating: Neutral, TP: ORAS.CA162.00/share, MCap: USD1,080mn, ORAS EY/ORAS.CA