Orascom Construction has added approximately USD 770 mn (EGP 48.65 mn) of new awards to its backlog in Q4 2019, Invest-Gate reports.

This led total new awards to increase 50% year-on-year (y-o-y) to USD 3.5 bn (EGP 221.12 mn) in FY 2019, underscoring “the group’s success in adding wide-ranging, well-funded projects while maintaining its selective criteria,” according to a statement on January 14.

Egypt’s projects accounted for 70% of new awards during Q4 2019 across market segments including infrastructure, healthcare, logistics, and roads.

New awards in the U.S., which accounted for the balance, were mostly comprised of projects in the group’s core student housing, commercial and data center sectors.

The estimated consolidated backlog stood at USD 5.2 bn (EGP 328.52 mn) as of 31 December 2019 compared to USD 4.3 bn (EGP 271.66 mn) as of 31 December 2018.