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FINANCIAL NEWS
ASCOM geology picked to work on Suez project
20 Aug 2014
(MENAFN) Egypt’s ASCOM Geology and Mining Company has been chosen to work on a multi-billion dollar project which will expand the Suez Canal by building a new canal next to the original one, Gulf News reported.
The company will dig a 1 kilometer-long, 0.4 kilometer wide section of the new Suez Canal, according to a statement by its parent company Qala Holding.
Qala, who owns 39 percent of ASCOM, did not mention the value of the contract though it said that ASCOM is one of 42 companies chosen to work on the early phase of the project.
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