Egypt: Deals signed to dredge Suez

EGYPT signed contracts with six international firms on Saturday to dredge the new Suez Canal, the flagship project in President Abdel Fattah al-Sisi’s programme to revive the economy. The companies are National Marine Dredging Company of the United Arab Emirates; 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. Egypt hopes the enlarged canal will more than double revenue from the waterway by 2023 to $13.5 billion (R150bn) from $5bn. It also plans to develop 76 000km² in the area into an international industrial and logistics hub to generate income. – Reuters