SOURCE: Orascom Construction Industries

September 12, 2005 09:49 ET


Cairo -- (MARKET WIRE) -- September 12, 2005 --

                                   NEWS RELEASE

                                                     FOR IMMEDIATE RELEASE

Dubai Holding and OCI to Invest in UAE Cement Greenfield

Dubai Holding and OCI establish Emirates Cement Company to invest in a
state-of-the-art 3 million ton per year greenfield cement plant

Cairo, Egypt - 12 September 2005: The Dubai Investment Group ("DIG"), a 
member of Dubai Holding LLC, in partnership with Orascom Construction 
Industries ("OCI") and the Government of the Emirate of Fujairah 
announced today the establishment of Emirates Cement Company, which will 
construct a new state-of-the-art cement greenfield plant with a total 
production capacity of 3 million tons per year in the Emirate of Fujairah.

Dubai Investment Group (DIG), a member of Dubai Holding, is a global 
financial investor with an investment philosophy centered on delivering 
superior performance through strong ethics of professionalism and 

DIG operates as a group of investment companies creating and extracting 
economic value through the combination of identifying, acquiring and 
building long term businesses. Within the asset classes of Global 
Securities and Real Estate, DIG owns and manages a highly diversified 
portfolio of direct and indirect investments with a focus on key target 
sectors: Financials, Industrials, Hospitality and Telecoms

DIG firmly believes in managing risk locally and has offices in Dubai, 
London, New York and Kuala Lumpur.

Chief Executive Officer of Dubai Holding and Chairman of Dubai Investment 
Group, Mohammed Al Gergawi commented "This is a tremendous opportunity 
for our Group and we are confident that this strategic alliance will 
prove prosperous for all parties in addition to adding great benefit to 
the region. The plant and the raw material quarries will be located in 
Fujairah. Construction work at the site is already underway and is 
expected to be completed in 24 months. OCI will be responsible for 
managing and operating the new plant," he added.

Al Gergawi added that establishing Emirates Cement Company is in line 
with the strategy of Dubai Holding to expand its investments in the 
different Emirates. He said that this is the first project of Dubai 
Holding in Fujairah and that there are other such projects which are 
under study for future investments. 

Soud Ba'alawy, Chief Executive Officer of Dubai Investment Group LLC, 
commented; "In addition to the Emirates Cement Company project, DIG and 
OCI have entered into a strategic partnership to co-invest in greenfield 
industrial and infrastructure projects in key emerging markets including 
Egypt. This first project will lay the foundation of a continued program 
of investment in high quality industrial products."

OCI Chief Executive Officer, Nassef Sawiris commented "we are extremely 
pleased with our new partnership with DIG and the Government of 
Fujairah.  We believe the UAE cement market offers significant growth 
opportunities and our partners have a unique knowledge of the domestic 
economy.  We believe Emirates Cement Company will serve as a model for 
the UAE cement industry going forward setting new efficiency, safety and 
environmental standards. This project marks what we believe will be the 
beginning of an important long-term strategic alliance with DIG."


CONTACT: Hassan H. Badrawi
Investor Relations Manager
Tel: +202 461 1039/1036

Orascom Construction Industries

Orascom Construction Industries (OCI) is a leading cement producer and
construction contractor active in emerging markets.  As a cement 
producer, we own and operate cement plants in Egypt and Algeria which 
have a combined annual production capacity of 13.5 million tons.  Our new 
investments in Pakistan, northern Iraq, Nigeria, Algeria, and the United 
Arab Emirates will increase our annual production capacity to 27 million 
tons during 2007.  As a contractor, we provide engineering, procurement 
and construction services on industrial, commercial and infrastructure 
projects for private and public customers principally in the Middle East, 
Africa and Central Asia. 

For additional information on OCI:

Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 461 1111, Fax: +202 461 9400,
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI

                   This information is provided by RNS
         The company news service from the London Stock Exchange