Cairo, Egypt — ESI-AFRICA.COM — 18 January 2011 – Orascom Construction Industries (OCI) “’ Egypt’s biggest listed builder “’ says it has formed a joint venture with state-owned Arab Contractors in order to bid on nuclear power projects in the Middle East.
The companies said in a statement released here that the joint venture would bid in February on Egypt’s first nuclear power plant, planned to be located in Dabaa on the country’s Mediterranean coast.
The JV companies added that they aimed to take advantage of growing interest in nuclear power projects across the region. OCI had already formed a joint venture with U.S. bank Morgan Stanley to invest in Middle East infrastructure projects.
OCI’s venture with Arab Contractors “aims to benefit from these recently announced regional investment programmes in the nuclear power sector”, the companies added in their statement.
Egypt plans to build four nuclear plants as it seeks to boost its current installed power capacity of around 23 500MW by an additional 58 000MW by 2027. The country suffered intermittent power cuts last summer as the system struggled to meet fast-growing demand.