Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announced the signing of a contract to construct two textile industrial complexes in Egypt, Damietta and El Mahalla. The complexes will be completed in 16 months and will have seven facilities spanning a total area of 182,000 m2.
The projects have a total contract value of EGP 2.6 billion, and the client is the Cotton, Spinning, Weaving, and Garments Holding Company.
These initiatives will be critical in reviving Egypt’s textile sector. Across the seven separate locations, the production complexes will use cutting-edge equipment. The selection of Orascom Construction emphasises the necessity of completing such major projects on time.