Egypt will use machines made by a German firm to bore at least four tunnels under the Suez Canal, part of an $8 billion project to expand the waterway that the government hopes will raise revenues and foreign currency reserves.
Orascom Construction Industries is studying the possibility of launching an initial public offering (IPO) during the first half of 2015, said a report.
The Egyptian group has not yet decided the country in which it will issue its
Egypt's top construction firms The Arab Contractors and Orascom Construction Industries have teamed up for a Cairo Metro project worth E£750 million ($104.8 million).
Under the contract, the duo will build a suspended bridge a
Egypt's Orascom Telecom Media and Technology Holding said its profit fell 22.7 per cent in the second quarter to 351.68 million Egyptian pounds ($49.19 million).
The results came in a statement published in Egyptian newspapers. -
Swiss-listed Orascom said it would divest stakes in a number of non-core assets in Egypt as it restructures its business in the region, valuing the sale at up to 130 million Swiss francs ($145.13 million).
Orascom, an operator of
Egypt-based international telecoms firm Global Telecom, formerly Orascom Telecom Holding, reported a fourth-quarter net loss of $749 million on Thursday, a 59 percent increase in losses on a year ago.
It blamed lower currency exchange r
Telecom Egypt has sold rights for the use of part of its infrastructure to a subsidiary of Egypt's Orascom Telecom Media and Technology Holding (OTMT), bringing the subsidiary closer to launching a submarine cable network.
Egypt's Orascom Telecom said on Wednesday its majority-owned Zimbabwe subsidiary had renewed its mobile operating licence for 20 years.
But it did not say whether it had agreed to a demand by the Zimbabwe government that it cu
Egyptian tycoon Naguib Sawiris, whose family controls the sprawling Orascom corporate empire, says he and his brothers will be "investing in Egypt like never before" after the ousting of a president he accused of bullying opponents to
Russia's Altimo failed to secure a majority stake in Egypt-based Orascom Telecom by a Monday deadline and said it was ready to take a smaller interest in the company if Egypt's financial market regulator