Orascom Construction, owned by Egypt’s richest family, eyes Abu Dhabi listing

Orascom Construction, the Cairo-based company controlled by Egypt’s richest family, the Sawiris family, plans to move its main listing to the Abu Dhabi Securities Exchange (ADX) on Sept. 11. The decision, approved by shareholders in August, follows the company’s board approval to make ADX its primary market. Orascom will retain its secondary listing on the Egyptian Exchange while exiting Nasdaq Dubai.

Orascom transfers incorporation to Abu Dhabi

Additionally, the listing involves transferring incorporation from the Dubai International Financial Center to Abu Dhabi Global Market, reinforcing its presence in the UAE. Trading on Nasdaq Dubai will end on Sept. 3, with the listing officially canceled on Sept. 10. 

On March 11, 2015, Orascom commenced trading on the EGX under the ticker “ORAS,” successfully raising EGP1.41 billion ($185.4 million) through a domestic public offering of 12.99 million shares, representing 11 percent of its total share capital. The firm became the first entity to achieve a dual listing on Egypt’s EGX and the UAE.

Orascom reports record $9.6 billion backlog in H1 2025

The decision comes as Orascom reports a strong first half of 2025. The company booked a record backlog of $9.6 billion, up 24 percent from a year earlier. Including its 50 percent stake in BESIX Group, the pro forma backlog rose to $13.9 billion, a gain of nearly 23 percent.

New contracts climbed to $3.4 billion, more than double last year’s level, supported by major projects on Egypt’s North Coast, Saudi Arabia’s 3 GW power project, and hyperscale U.S. data centers with capacity above 400 MW.

Regionally, Orascom’s backlog in the Middle East and Africa increased 20.7 percent to $6.9 billion, while its U.S. business reached a record $2.6 billion, up 33.6 percent. The company also improved its balance sheet, with net cash rising from $696 million to $1.05 billion and operating cash flow strengthening to $254.2 million in the first half.

Sawiris family maintains Orascom control

Founded in 1976 by the late Egyptian businessman Onsi Sawiris, Orascom Construction has grown into a prominent engineering and infrastructure company operating across the Middle East, Africa, and the United States.

The Sawiris family continues to hold a strong influence over the company through their private investment vehicle, OS Private Trust Company, which owns 54.86 percent of Orascom. In addition, Nassef Sawiris personally holds 42.36 percent, representing 46.7 million shares, keeping the company closely tied to its founding family.