Egypt chooses six firms to dredge Suez Canal

The Government of Egypt has announced that six international firms will be contracted to dredge the new 50km long Suez Canal, with each company receiving US$375m, adding up to US$1.5bn.

The chosen companies are: UAE-based National Marine Dredging Company, US-based Great Lakes Dredge and Dock Company; two Dutch companies Royal Boskalis Westminster and Van Oord and two Belgian companies, Jan de Nul Group and Deme Group.

Egypt predicts the new canal, which is to be built parallel to the existing one, will increase revenues from US$5bn to US$13.5bn and make up for the hard currency the country has lost since tourism and foreign investment fell in 2011, in the wake of pro-democracy uprisings.