Orascom Construction Industries or Orascom Construction Industries SAE (OCI) is a leading Egyptian EPC (engineering, procurement and construction) contractor, based in Cairo, Egypt and active in more than 25 countries. OCI was established in Egypt in 1950 and owned by Onsi Sawiris. The company is the first multinational Egyptian corporation, and is one of the core Orascom Group companies.
The company's CEO, Nassef Sawiris holds a bachelor's degree in Economics from the University of Chicago (AB '82). He is Onsi Sawiris' youngest son.
As a cement producer, OCI owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, northern Iraq and Spain, which had a combined annual production capacity of 21 million tonnes.
In December 2007, OCI announced the divestment of its cement group to the French Lafarge. OCI announced that this will allow it to focus on the development of its construction operations and investments in infrastructure and natural gas industries. Nassef Sawiris will also become a member of the Lafarge board of directors.
In January 2008, OCI confirmed that the share transfer of 100% of Orascom Building Materials Holding (“OBMH”), the holding company for its cement group assets, to Lafarge was executed.
This construction arm of Orascom has a turnover of $3.8 billion. Four-fifths of this is generated outside Egypt, part of it as a global contractor for the US Air Force.
Read more about Orascom Construction Industries: Corporate Headquarters
Famous quotes containing the words construction and/or industries:
“When the leaders choose to make themselves bidders at an auction of popularity, their talents, in the construction of the state, will be of no service. They will become flatterers instead of legislators; the instruments, not the guides, of the people.”
—Edmund Burke (1729–1797)
“All industries are brought under the control of such people [film producers] by Capitalism. If the capitalists let themselves be seduced from their pursuit of profits to the enchantments of art, they would be bankrupt before they knew where they were. You cannot combine the pursuit of money with the pursuit of art.”
—George Bernard Shaw (1856–1950)