Egypt’s Orascom Construction Industries has been awarded a AED551m ($150m) construction contract for work on Abu Dhabi’s Reem island.
The contract was awarded to Arabian Sea Foundation - previously known as Emirates Foundation - which is Orascom's joint venture with the local Hydra Commercial Investments, Sorouh Real Estate and Capital Investment.
It is the first contract awarded to the group since its inception in July 2008.
The scope of work covers the enabling works of the Shams Abu Dhabi, Gate District tower project as well as the dewatering and excavation works.
Work is expected to take 14 months to complete.
The contract was awarded by a joint venture of Sorouh and Tameer Holdings Investments.
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