Sorouh Real Estate, one of the leading real estate developers in Abu Dhabi has partnered with Orascom Construction Industries (OCI), Egypt's largest builder by market value, to set up a firm, Emirates Foundation, in the UAE to fill a gap in construction services in the light of a regional property boom.
Nassef Sawaris, Chief Executive, OCI, said, "There is a noticeable shortage in construction services for pilling and foundation works in the region which is hindering the progress of many large scale projects".
Orascom will hold a 50% stake in Emirates Foundation that will specialize in geotechnical engineering and foundation works. Other partners in the venture are Hydra Commercial Investments and Capital Investments.
