Orascom Construction gains on Qatar’s 2022 World Cup
Shares of Egypt’s biggest publicly-traded construction firm gained 3.2%
Orascom Construction Industries gained the most in more than six months on speculation the company may be awarded contracts in Qatar after the country won the rights to host FIFA’s 2022 World Cup.
The shares of Egypt’s biggest publicly-traded builder gained 3.2%, the biggest increase since May 26, to 266.75 Egyptian pounds at 2:30pm close on December 5, in Cairo. That valued the Cairo-based company at 55.2 billion pounds (US $9.5 billion), according to reports on Bloomberg.
“It is poised for more gains tomorrow as investors expect the company to be awarded more contracts in Qatar,” said Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage Co.
Besix Group, a 50%-owned subsidiary of Orascom Construction, is part of a joint venture that won a $750 million contract to build the third phase of the passenger terminal at the New Doha International Airport in Qatar.
