Orascom and Morgan Stanley set up joint venture

26 January 2010

Infrastructure company to invest across Middle East and North Africa

The US’ Morgan Stanley and Egypt’s Orascom Construction Industries (OCI) have agreed to form a joint venture to develop and invest in infrastructure assets across the Middle East and Africa.

Each of the partners will own a 50 per cent stake in the new company, which will capitalise on Morgan Stanley Infrastructure’s investment experience. Morgan Stanley Infrastructure manages a $4bn portfolio of investments.

OCI focuses on investment in transport, infrastructure, industrial and commercial projects. As of September 2009, its construction arm had a $7.2bn backlog of outstanding projects. Sixty per cent of these are infrastructure schemes.

OCI made a net profit of £E1.94bn ($356m) in the nine months ending 30 September 2009, down from £E5bn for the same period in 2008.

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