Israel's Shikun & Binui wins $550m Colombia road project

July 30, 2014 - 11:29:44 am

JERUSALEM: Shikun & Binui, Israel's largest construction group, won a deal to carry out a $550 million road project to improve and extend a highway in Bogota, the company's first large-scale project in Colombia.

As a member of the international consortium that won the tender, Shikun & Binui will build and operate a section of the toll highway for 25 years, it said on Wednesday.

The work will include expansion of an existing highway and the paving of a new segment spanning 154 kilometers (96 miles).

Shikun & Binui holds 37.5 percent in the consortium, while one of its subsidiaries, Shikun & Binui SBI, will take on a share of the project's construction and operation.

The new project in Colombia will join an orders backlog totaling more than $3 billion, of which nearly $2.2 billion relates to projects outside of Israel, it said.

Shikun & Binui is controlled by the Arison Group, the investment arm of billionaire Shari Arison.

Its shares were up 0.4 percent in morning trade in Tel Aviv. (Reuters)