OCI Signs EGP800m Contracting Deal with Emaar Misr
Emaar Misr is the wholly owned subsidiary of global developer Emaar Properties PJSC.
OCI will execute Villas of Package 18 and Village D (Type V4) at Marassi, located on the North Coast of Egypt. Additionally, OCI will carry out and complete Estate Villas (Parcel 4), Palmera Townhomes (Parcel 2) and other Villas at Mivida situated in New Cairo.
The scope of the work includes concrete skeleton in addition to the internal and external finishes of villas and town homes. The works are expected to be completed in 22 months.
Osama Bishai, group managing director of OCI, said: â€œOCI has played a significant role in Emaar Misr's projects since 2007 and was instrumental in the early delivery of several packages, most recently the first phase of the Catania Apartment Buildings in December. We will continue to execute further work for top regional real estate developers who share OCI's vision of quality and timely delivery to clients.â€
Mohamed El Dahan, CEO of Emaar Misr, said: â€œWe are pleased to award OCI further work on our flagship projects in Egypt. OCI, one of the biggest construction firms in the region, has consistently delivered quality and timeliness to Emaar Misr which Emaar requires in all of its projects across the world.â€
Hazem Ashry, general manager of Emaar Misr, said: â€œMivida combines a perfect balance between luxury, high quality standards and value for money and our signing with OCI reflects our commitment to deliver our high international quality standards units on the promised delivery dates.â€
Will the new deal commercially benefit the firms?
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