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Orascom wins infrastructure project contracts in Saudi Arabia

The infrastructure development projects will be executed at several locations in Saudi Arabia. (Image source: tylerriewer/Flickr)

OCI NV, the Netherlands-based parent firm of Orascom Construction Industries, has revealed that its has been awarded infrastructure development work in Saudi Arabia worth US$420mn

OCI will formally sign a series of contracts for work throughout Saudi Arabia in the coming weeks.

The projects will be executed at several locations in Saudi Arabia, where the construction group is already executing approximately US$790mn worth of work, excluding these new contracts.

OCI Construction Group chief operating officer Osama Bishai said, ?These contracts reflect the OCI Construction Group?s on-going commitment to expand our Saudi Arabian operations.

?We are well-positioned to continue to grow our Saudi Arabian backlog by executing large-scale infrastructure projects in Saudi Arabia. This marks the first sizable contract announced to date and should reflect on the company?s operations during the second half of 2013.?

A statement from the company said that OCI has been focusing on expanding its footprint across Saudi Arabia to diversify the construction group?s backlog and reduce presence in countries facing political instability, such as Egypt.