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The alliance will also target projects in Saudi Arabia and Libya Al Organi Group, a diversified Egyptian conglomerate, has signed a strategic partnership agreement with China State Construction Engineering Corporation (CSCEC), one of Chinas largest construction and engineering firms. The partnership has set a target of securing contracting works over $5 billion in the Ras El Hekma megaproject over the next three years, said Essam Al Organi, CEO of Organi Group and Chairman of Organi for Development and Investment at a press conference held to announce the signing of the agreement. He said the alliance will also target projects in Saudi Arabia and Libya, adding that they will invest $500 million in construction works in the first year. Abu Dhabi-based sovereign investor ADQ has committed to pumping nearly $35 billion into the development of Egypts Ras Al-Hekma peninsula west of the Northern Mediterranean port of Alexandria. Al Organi Group, operating across Egypt, Saudi Arabia, and Libya, manages six companies in the construction sector, employing over 150,000 workers and 3,000 engineers. CSCEC has a strong presence in the Egyptian construction market through projects such as the Central Business District (CBD) in the New Administrative Capital (NAC), the Downtown Towers of New Alamein, and the Crystal Lagoons project in New Alamein City. An official press statement issued by Al Organi Group said the partnership aims to facilitate technology transfer, integrate global best practices, and enhance local construction capabilities. (Writing by Eman Hamed; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon) |
