{"id":645074,"date":"2017-07-11T04:32:57","date_gmt":"2017-07-11T04:32:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/11\/carillion-to-exit-egypt-qatar-and-saudi\/"},"modified":"2017-07-11T04:32:57","modified_gmt":"2017-07-11T04:32:57","slug":"carillion-to-exit-egypt-qatar-and-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/11\/carillion-to-exit-egypt-qatar-and-saudi\/","title":{"rendered":"Carillion to exit Egypt, Qatar and Saudi"},"content":{"rendered":"

<\/a> Carillion to exit Egypt, Qatar and Saudi:<\/strong> UK construction firm Carillion announced that it is exiting Egypt, Qatar, and Saudi Arabia in addition to exiting some UK partnerships, Reuters reports<\/a>. Carillion said it would pull out of construction projects in these three countries after a decline in the oil price caused those countries to stall projects and stretch payments on key contracts. It added that it would only pursue jobs in that region in future \u201cvia lower-risk procurement routes,\u201d according to the Financial Times<\/a>. The firm, which also helps maintain British railways and roads, said payment problems on four construction contracts nearing or reaching completion had forced it take a provision of USD 1.1 bn. Carillion had also seen costs escalate on other projects, sometimes due to design changes, taking a particular hit on public partnership contracts with governments where prices are set ahead of time. The company\u2019s CEO resigned on Monday<\/a>, plummeting the value of the company\u2019s stock.<\/p>\n

Other EM exits worth noting this morning include Etisalat leaving Nigeria.<\/strong> The company, which is exiting its 45% stake in the company, terminated a management agreement with its Nigerian arm and gave the business time to phase out the Etisalat brand, Etisalat International\u2019s CEO told Reuters on Monday<\/a>. Nigerian regulators had tried last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a USD 1.2 bn loan failed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carillion to exit Egypt, Qatar and Saudi: UK construction firm Carillion announced that it is exiting Egypt, Qatar, and Saudi Arabia in addition to exiting some UK partnerships, Reuters reports. Carillion said it would pull out of construction projects in these three countries after a decline in the oil price caused those countries to stall […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645074","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8261f10f-5212-4236-994d-aba559b71994","order":"0","is_powered_by":true,"section_story_id":"1d540895-02b8-4718-852a-26fa8348234d","story_type":"1","photo_url":"","photo_position":"above","related_issue":[645055],"teaser":"","voice_url":""},"yoast_head":"\nCarillion to exit Egypt, Qatar and Saudi - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/11\/carillion-to-exit-egypt-qatar-and-saudi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carillion to exit Egypt, Qatar and Saudi\" \/>\n<meta property=\"og:description\" content=\"Carillion to exit Egypt, Qatar and Saudi: UK construction firm Carillion announced that it is exiting Egypt, Qatar, and Saudi Arabia in addition to exiting some UK partnerships, Reuters reports. 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The 200-year-old firm went into mandatory liquidation after banks refused to restructure liabilities upwards of GBP 2 bn. Carillion becomes the first corporate giant to fail in the UK in 10 years. 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The sources also claim the Education Ministry has plans to establish its own schools with lower tuition\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632919,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/government-to-announce-winners-of-ppp-schools-tender-next-week\/","url_meta":{"origin":645074,"position":2},"title":"Government to announce winners of PPP schools tender next week","author":"enterpriseam admin","date":"22 February 2018","format":false,"excerpt":"Government to announce winners of PPP schools tender next week: The Ismail government plans to announce next week the winners of its tender for the development and management of 200 schools under public-private partnership contracts, sources close to the matter tell Al Borsa. The committee tasked with reviewing the bids\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638257,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/01\/10-companies-qualify-for-final-stages-of-ppp-schools-project\/","url_meta":{"origin":645074,"position":3},"title":"10 companies qualify for final stages of PPP schools project","author":"enterpriseam admin","date":"1 October 2017","format":false,"excerpt":"Ten companies have presented financial and technical offers for the Education Ministry\u2019s PPP schools project, unnamed government sources tell Al Borsa. These include Cairo Development and Investment, Middle East Education Services Group, a consortium of Egypt\u2019s Gezira Academy and Saudi Arabia\u2019s Madinat Al Oloum, Baraem Modern School, and Kuwait\u2019s Excellence\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650606,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/28\/orascom-construction-smart-international-schools-withdraw-from-200-schools-project\/","url_meta":{"origin":645074,"position":4},"title":"Orascom Construction, Smart International Schools withdraw from 200 schools project","author":"enterpriseam admin","date":"28 March 2017","format":false,"excerpt":"Orascom Construction and Smart International Schools have allegedly withdrawn frombidding on a state tender to develop 200 schools under a public-private partnership framework, sources tell Al Borsa. 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