Orascom Construction Industries announced today that it has formed a JV with Arab Contractors to bid on nuclear power projects in Egypt and the Middle East. Several countries in the region have announced their intentions to initiate nuclear power programs to meet surging demand for electricity.

This strategic JV, which is comprised of the two largest contractors in Egypt, aims to benefit from these recently announced regional investment programs in the nuclear power sector.

The JV will bid on Egypt's first nuclear power plant in early February which will be located near the north coast in Al Dabaa. Both companies have already initiated discussions with international nuclear technology providers to form a bidding consortium for this project.

Mr Osama Bishai MD of OCI Construction Group said that "Our strategic joint venture with Arab Contractors has created a leading regional consortium qualified to bid on the large flow of nuclear power plant projects expected in the near future. The joint venture has enlarged the geographical footprint for both companies and will capitalize on combined core competencies and technical capabilities."

Mr Ibrahim Mahlab CEO of Arab Contractors said that "We are pleased to join forces with OCI, a leading regional infrastructure contractor, and look forward to submitting our bid for the first nuclear power plant in Egypt. The JV will pool both companies' resources, expertise and know how to create a strong bidding consortium and capitalize on the region's desire for nuclear power."