Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Orascom Construction, a global engineering and construction contractor, began trading on the Abu Dhabi Securities Exchange (ADX) on Thursday.
A bell-ringing ceremony was held at ADX, attended by Abdulla Salem Alnuaimi, Group CEO of ADX, and Osama Bishai, CEO of Orascom Construction. The company was previously listed on Nasdaq Dubai and continues to have a secondary listing on the Egyptian Exchange.
The shares opened at Dh30.15 and closed the first day at Dh38.10, an increase of about 27%. At that price, the company’s market capitalisation stood at Dh4.2 billion.
“This marked the third company to list on ADX in 2025, demonstrating the exchange’s commitment to expanding market access and driving opportunity and growth through an innovative, dynamic and transparent marketplace,” ADX said in a statement.
Alnuaimi said: “The listing of Orascom Construction is a qualitative addition that enhances market depth and opens new horizons for investors. By welcoming a leading player in the infrastructure sector, we are expanding the range of investment opportunities, particularly products linked to long-term infrastructure and energy needs.”
Speaking to Aletihad on the sidelines of the bell-ringing ceremony, Bishai explained the rationale for moving to ADX: “The choice to come to Abu Dhabi reflects a few things. First, we are doing business in Abu Dhabi. We are an investor in infrastructure, so we felt it was more appropriate to be listed in the place where we are operating.”
He added: “We are looking forward to the capital market here because we have seen slow trading activity on Nasdaq Dubai. It also reflects our shareholders’ wish that we move to a more active market.”
The CEO also indicated a strategic refocus: “We want to restructure the business to be more centred on infrastructure investments, alongside our construction business. We believe that being here is more appropriate for us. In the future, we will focus on opportunities to invest in infrastructure and long-term concessions that provide recurring revenues. We would like this contribution to increase to 50% of the company’s revenues within five years.”
Orascom Construction executes infrastructure, industrial and commercial projects in the Middle East, Africa and the US. The firm also develops and invests in concessions, owns 50% of the BESIX Group, and has businesses in building materials, facility management and equipment services.
In H1 2025, the company reported a consolidated backlog of $9.6 billion, revenue of $2 billion, and a net profit of $82.7 million.
