Orascom Construction, Backed By Egypt's Richest Family, Advances In 2.6 Billion Saudi Deal

Orascom Construction, in a joint venture with Tcnicas Reunidas, will expand Saudi Arabias Qurayyah IPP, adding 3 GW of gas-fired power capacity.

The Qurayyah expansion includes a 380-kV substation and future carbon capture readiness, reinforcing Saudi Arabias shift toward cleaner energy solutions.

Orascoms latest deal strengthens its presence in Saudi Arabia, reinforcing its strategic push for geographic diversification in power and infrastructure projects.

Orascom Construction, controlled by Egypt's richest family, the Sawiris family, has officially confirmed receiving a notice to proceed on a 2.6 billion engineering, procurement, and construction EPC contract for the expansion of the Qurayyah Independent Power Plant IPP in Saudi Arabia.

The contract , awarded by Hajr Two Electricity Companya consortium comprising ACWA Power, Saudi Electricity Company, and Haji Abdullah Alireza Co. Ltd.will add 3 gigawatts of combined-cycle gas-fired power generation capacity. The project also includes a 380-kilovolt electrical substation and provisions for future carbon capture, aligning with Saudi Arabias broader push toward cleaner energy solutions.

Orascom secured the EPC contract through a 50-50 joint venture with Spains Tcnicas Reunidas. With the notice to proceed now in place, the project marks a significant step in Orascoms regional expansion, further strengthening its footprint in Saudi Arabias energy sector.

As Egypts construction powerhouse deepens its footprint in Saudi Arabias energy sector, its latest contract marks a significant step in reinforcing the kingdoms power infrastructure. In collaboration with Spains Tcnicas Reunidas, Orascom Construction will lead the Qurayyah IPP Expansion Project in the Eastern Province, further solidifying its position in the regions energy landscape.

Osama Bishai, CEO of Orascom Construction, underscored the companys strategic ambitions, stating, This project exemplifies our commitment to geographic diversification, particularly in critical sectors such as power and water. Leveraging our extensive expertise, we aim to deliver world-class infrastructure that maximizes long-term value. Our success in Egypts power sector provides a strong foundation, and we are eager to replicate that impact in Saudi Arabia. We are also pleased to extend our collaboration with Tcnicas Reunidas on this large-scale endeavor.