Orascom Construction Inks USD 61.4 Million contract with UAE Based Eagle Hills


Egypt, the most populous nation in the Arab world, will see the construction of a project thanks to a contract that Orascom Construction has signed with Abu Dhabi-based developer Eagle Hills Properties. Orascom Construction has a contract worth 1.9 billion Egyptian pounds ($61.4 million) to build Soul Luxury Beach Resort on Egypt's north coast.

The deal “signifies a commitment … in constructing and bringing to life parcels 3 and 4 (Flow – Breeze) within phase 1A of the resort, to be completed in 1,020 days,” the company said.

Orascom Construction is a Middle Eastern, African, and US-based engineering and construction company that primarily focuses on infrastructure, industrial, and high-end commercial projects. Both the UAE and Egypt have duplicate listings for it. Along Egypt's north shore, the business has also built the Marassi Marina Yacht Club and Al Alamein Hotel.

"This is an exciting new project that will be a major contributor to the development of Egypt’s North coast and tourism sector,” Osama Bishai, chief executive of Orascom Construction, said.

Egypt wants to expand its tourist industry and draw more visitors to the nation. According to Ahmed Issa, Minister of Tourism and Antiquities, it is now granting multiyear visas and expanding the list of countries eligible for visas-on-arrival. The changes are a component of a plan to increase tourism, which is a key source of foreign exchange and employment for Egypt's economy, which has been harmed by the effects of the Covid-19 outbreak and the Russia-Ukraine war.

The country hopes to increase the 11.7 million tourists it received in 2017 by 25 to 30 percent annually, bringing the total to 30 million by 2028. Among other nations, Eagle Hills, a private developer, has projects in the UAE, Egypt, Serbia, Bahrain, Morocco, Oman, and Jordan.


Current Issue