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Egypt Choose Six International Firms to Dredge New Suez Canal

Egypt Choose Six International Firms to Dredge New Suez Canal

Egypt’s premier project , driven by the country’s President Abdel Fattah al-Sisi in a bid to rejuvenate the economy , shattered by years of political upheaval , is set to have enormous
socio-economic benefits for its people. Egypt recently announced key contracts with six international companies who will complete the dredging of the new Suez Canal. Central to
the President’s strategy is to raise revenues from $5 billion to a massive $13.5 billion by 2023. Alongside this exciting development will be the creation of a international industrial and logistics
hub aimed at increasing shipping traffic. Work on the projects will commence shortly with a completion timeline of August 2015.

“In order to complete this work within one year it was necessary to make use of huge dredging machines, international dredging machines, because the amount of wet dredging is very large,” said Lieutenant General Mohab Memish, head of the Suez Canal Authority.

Underpinning this visionary project is the fact that funding has been secured. The central bank governor recently said the state had hit its $8.5 billion funding goal through the issue of investment certificates in the domestic market.

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