In an attempt to revive its battered
economy, Egypt has decided to go ahead with the project to dredge the Suez
Canal and signed contracts with six international firms for the purpose.
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.
The companies would begin working in the
third week in October and the new canal is scheduled to be completed by August
2015.
The new canal is to be built alongside
the existing 145-year-old waterway which is the fastest shipping route between
Europe and Asia. Income from the existing canal provides a vital source of hard
currency for a country that has suffered a slump in tourism and foreign
investment since the 2011 uprising.
Egypt hopes the enlarged canals will
more than double revenue from the waterway by 2023 to $13.5 billion from $5 billion.
It also plans to develop 76 000 km² in the area into an international industrial
and logistics hub to generate income.
No comments:
Post a Comment