Orascom Construction Industries, one of Egypt’s largest companies, will own 50 per cent of Emirates Foundation, which will be based in Abu Dhabi.
Sorouh Real Estate will share the remaining 50 per cent of the equity with Hydra Commercial Investments, which is part of industrial conglomerate Royal Group, and a third local company called Capital Investment.
“There is a noticeable shortage in construction services for piling and foundation work in the region. It is hindering the progress of many large-scale projects,” says Nassef Sawiris, chief executive officer of Orascom.
“Sorouh and our partners are putting our resources together to deliver our projects on time and to diversify revenue stream for our shareholders,” says Mounir Haidar, CEO of Sorouh.