Portugal’s Somague doubles turnover in Angola

24 April 2006

Lisbon, Portugal, 24 April – Portuguese construction company Somague has more than doubled its turnover in Angola over the last few years, to some 70 million euros in 2005 and plans to build a new headquarters building in Luanda, teh company’s commercial director said.

Speaking to Portuguese weekly newspaper Expresso, Carlos Vilar added that the construction company, which is controlled by Spain’s Sacyr Vallehermoso, would invest 12 million euros in its new headquarters in downtown Luanda, at a time when the Angolan market had a “new dynamism.”

Somague’s portfolio for Angola, Vilar said, currently totals US$180 million.

Angolan state oil company Sonangol is currently one of Somague’s main customers, for which the company is building a 300-bed clinic, a condominium with 290 homes, as well as gas stations.

Somague is also involved in the expansion of the Luanda maternity ward, which is being transformed into a specialist hospital unit.

Next year, the company will hand over the first stage of the library of the new Luanda university campus to Angola’s Ministry of Education, a project worth US$17 million.

The most valuable construction project on the Angolan market is currently a residential condominium in Lunha, promoted by Banco Português de Negócios, valued at US$31 million. (macauhub)