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Orascom Construction Industries (OCI), said that its 50 per cent owned Besix Group won a US$519mn joint venture contract with Al-Muhaidib Contracting Co. in Saudi Arabia for the design and construction of the King Abdullah Sports City development near Jeddah.
OCI announced the deal in a statement posted on the Egyptian Stock Exchange website.
In early September, OCI reported a 14.7 per cent jump in second quarter profit, as its construction group secured more work, and said the same division is currently in talks for contracts worth in excess of US$1 billion.