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Egypt signs with six international firms to dredge new Suez Canal

Egypt hopes the new canal will more than double revenues from the waterway by 2023 to $13.5 billion from $5 billion.
20.10.14 | Source: Reuters

Egypt signed contracts with six international firms on Saturday to carry out dredging of the new Suez Canal, the flagship project in President Abdel Fattah al-Sisi's programme to revive an economy battered by years of political turmoil.

The companies are National Marine Dredging Company NMDC.AD of the United Arab Emirates (UAE); Royal Boskalis Westminster (BOSN.AS) and Van Oord, both based in the Netherlands; Jan de Nul Group and Deme Group, both of Belgium; and U.S.-based Great Lakes Dredge and Dock Company (GLDD.O).

Lieutenant General Mohab Memish, head of the Suez Canal Authority, announced the consortium at a news conference in Cairo alongside Prime Minister Ibrahim Mehleb.

Egypt hopes the new canal will more than double revenues from the waterway by 2023 to $13.5 billion from $5 billion. It also plans to develop 76,000 sq km (29,000 sq miles) in the area into an international industrial and logistics hub to attract more ships and generate income.

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