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FINANCIAL NEWS
Egypt signs a contract with 6 companies for New Suez Canal
19 Oct 2014
(MENAFN) The Egyptian government said it has signed a contract with six international firms, in a consortium named “Challenge Coalition,” for construction work related to the new Suez Canal, Arab News reported
The six companies, which will be responsible for the dredging of 5 of the project’s six zones, are UAE’s National Marine Dredging Company; Royal Boskalis Westminster and Van Oord, both based in the Netherlands; Jan de Nul Group and Deme Group, both of Belgium; and US-based Great Lakes Dredge and Dock Company, while the Canal Authority would be responsible for dredging the last zone.
The Suez Canal Authority also said that work on the project, which will begin this week, is expected to be completed by August 2015.
The canal project will include the development of 76.000 square km around the canal into an international industrial and logistics hub to attract more ships and generate income.
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