Orascom Construction Advances After Unit Wins Mall Contract

Oct. 16 (Bloomberg) -- Orascom Construction Industries, Egypt’s biggest publicly traded builder, headed for the highest close in almost three weeks after one of its units won a contract to build a shopping mall in Abu Dhabi.

The shares of the Cairo-based company climbed 2.5 percent to 226.98 Egyptian pounds at 11:22 a.m. in Cairo, poised for the highest close since Sept. 26. The benchmark EGX 30 Index gained 1.2 percent.

Six Construct, the fully owned subsidiary of Orascom’s Belgian unit Besix Group, won a 416 million euro ($577 million) contract from Aldar Properties PJSC to develop a shopping mall on Yas Island.

--Editors: Shaji Mathew, Claudia Maedler

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net