Orascom Construction (OC) announced that its 50-50 JV with Arab Contractors has signed a EUR590mn contract with the National Authority for Tunnels (NAT) to execute Phase 4B of Cairo Metro Line III. OC’s share of the contract amounts to cEUR295mn. The JV will be responsible for the full scope of Phase 4B, which will stretch over 6.1km across a viaduct and five elevated stations. This award follows the previously-announced contract awards for the third line of Cairo Metro (EUR270mn over two new contracts, announced last month). OC is currently executing contracts amounting to cEUR375mn for Phase III and cEUR90mn for Phase 4A. OC is also in the prequalification stage for Cairo Metro line IV, phase 1, with prequalification results expected within weeks, according to management. Cairo Metro Line IV, phase 1 will be four-packaged, with a combined value of USD1bn, with an expected award in December 2016, according to MEED Projects. Our numbers incorporate USD1.5bn in new awards from infrastructure projects in Egypt in 2016 and a total of USD3.6bn for the year. (Company disclosure, MEED Projects, Mai Attia, Sara Boutros)   Orascom Construction Limited: EGP58.29 as of 08 June 2016, Rating: Neutral, FV: EGP61.09 per share, MCap: USD775 million, ORAS EY / ORAS.CA