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Organi Group, CSCEC eye USD 5 bn worth of contracts: Egypt’s Organi Group inked a strategic partnership with China State Construction Engineering Corporation (CSCEC) to set up construction and infrastructure projects in Egypt and abroad, the news came during a presser attended by EnterpriseAM yesterday. The two sides aim to secure contracts worth USD 5 bn in Egypt and Libya, with plans to enter the Saudi and Emirati markets, Organi Group CEO Essam Al Organi said.
The timeline: The two sides plan to set up USD 500 mn worth of projects over the coming year and push that figure to USD 5 bn over the next three years.
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The strategic partners want to play a part in the construction of Ras El Hekma: The partners want to work with Modon Holding — the lead developer for the USD 35 bn Ras El Hekma project — on the project’s construction, the CEO said, adding that the companies hope to get started on the project late 2025 or early next year. .
Organi adds Bianchi to its portfolio: The company has acquired the Bianchi project in the North Coast and has spent some EGP 1 bn on its first phase of development, Al Organi said. The first phase of development is nearing completion and phases two and three will soon kick off, he added.
Organi wants to take part in Libya’s reconstruction: The two partners are looking to invest USD 2 bn in Libya’s reconstruction, Al Oragni told Al Borsa. Some 88 local construction players are currently taking part in Libya’s construction and there’s a plan for more to join to push the figure to 150. The company and its Chinese partner are also looking to take part in the reconstruction of Gaza, the first phase of which is expected to cost some USD 50 bn.
Also in the pipeline: The group, along with CSCEC, is planning to expand the size of its investments in the industrial sector to USD 1 bn over the next decade, Al Organi said, naming construction- and infrastructure-related industries as priority sectors.
Organi Group subsidiary Neom is also looking to expand regionally, with plans to step into Chad, Zambia, and Congo, chairman Assem El Gazzar told Asharq Business. And Organi Group’s construction arm Abnaa Sinai is planning a real estate project in Saudi Arabia soon, Al Oragni told Asharq Business, adding that the company has already acquired the land plot for the project.
