Egyptian Stock Exchange- and Nasdaq Dubai-listed contracting heavyweight Orascom Construction has revealed that construction work is progressing on the Cairo Ismailia Desert Road project.
As part of the project, the Egyptian contractor has been continuing asphalt works on the project in the south direction. Additionally, Orascom Construction has also been carrying out demolition activities on the existing asphalt and earthwork for the service road in the north direction of the road.
Upon completion, the road is expected to carry high density traffic towards the New Capital and 30th June corridor. The road will also connect Saad Eldin Elshzly corridor to the end of 10th Ramadan City with a length of 30-kilometres.
In May, Orascom Construction laid the foundation stone on $4.5bn Cairo Monorail, alongside its Canadian partner, airlines manufacturer Bombardier’s mobility solution providing arm, Bombardier Transportation.
The foundation stone was laid at the New Administrative Capital in the first week of May for the first monorail line that will extend 54km from East Cairo to the capital.
The contractor recorded $25m in net income in Q1 2020, with the backlog at the contractor having topped 24.1% year-on-year to $5.4bn in the same period. Meanwhile, Q1 2020 revenue increased 17.3% y-o-y to $827.6m, while earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased 8.8% y-o-y to $64.1m.
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