Orascom Construction has announced that it has signed three industrial and infrastructure projects in Algeria and Egypt, with a combined value of USD200 million. The first contract is related to a greenfield cement plant in Algeria with a daily capacity of 6,000 tons for a private sector client, while the second comprises infrastructure work for an industrial complex. The third contract is in Egypt worth a total USD20 million. It is awarded to National Steel Fabrication (NSF), an OC unit, to manufacture and supply all structural steel for the West Nile Delta gas development project.   We reiterate our Neutral rating on the stock, given limited upside potential. OC is our top pick within our MENA construction coverage, as we believe its 38% (to backlog) exposure to the US market puts in a better position versus its MENA-focused peers. We highlight our concern over the continued pressure on the EGP possibly affecting OC’s Egypt operations. We expect a slower tendering process, especially as contracts in the infrastructure segment (OC’s primary focus) are usually denominated in USD. In addition, we estimate c40% of the 2015e backlog to be concentrated in Egypt; which in turn might face slow execution pace and possibly slow receivable collection and thus place pressure on the company’s revenue, margins, and working capital. (Company disclosure, Mai Attia, Sara Boutros)      Orascom Construction Limited: EGP50.27 as of 3 March 2016, Rating: Neutral, FV: EGP57.77 per share, MCap: USD758 million, ORAS EY / ORAS.CA