SOURCE: Orascom Construction Inds, S.A.E.

September 17, 2008 04:33 ET

Arabian Sea Foundation Lands First Contract

CAIRO, EGYPT--(Marketwire - September 17, 2008) -


Cairo, Egypt / September 17, 2008, 9:30 AM

Arabian Sea Foundation Lands First Contract for USD 150 million

Orascom Construction Industries (OCI) announced today that its new
construction joint venture, "Arabian Sea Foundation" (1) based in Abu
Dhabi, UAE, in partnership with Hydra Commercial
Investments, Sorouh Real Estate PJSC (SOROUH.ADSM) and Capital
Investment, landed its first construction contract worth USD 150
million.

The construction contract is for the enabling works of the Shams Abu
Dhabi, Gate District towers project which is part of the Al Reem
Island development. The contract was awarded by a Sorouh and Tameer
Holdings Investments joint venture.

The Al Reem Island project is located in Abu Dhabi, UAE and is being
developed by Sorouh. The USUSD 150 million scope of work includes the
piling and foundation works as well as the dewatering and excavation
works for the real estate development.

The project was awarded through a bidding process and is expected for
completion within 14 months.

OCI Chief Executive Officer Nassef Sawiris commented, "only a
few weeks after its establishment, the Arabian Sea Foundation has
landed a milestone contract. The size and significance of the contract
signifies the importance of the company's establishment. Arabian
Sea Foundation will continue to capitalize on the opportunities and
growth potential in this specific construction space in light of
the significant infrastructure and construction boom occurring in Abu
Dhabi, the UAE and in the region."

(1) Previously announced as "Emirates Foundation"

For additional information contact:

OCI Investor Relations Department: For additional information on OCI:

                                   Orascom Construction Industries
                                   (OCI)
Omar Darwazah                      Nile City Towers - South Tower
Email: omar.darwazah@orascomci.com 2005A Corniche El Nil
                                   Cairo, Egypt
Ahmed Sultan
Email: ahmed.sultan@orascomci.com  www.orascomci.com
Tel: +202 2461 1039/1036/0727/0914
Fax: +202 2461 9409
                                   0CI stock symbols:
                                   OCIC.CA/ORCIEY/OCICqL/ORSD


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

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