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Egypt builds international dredging consortium for Suez Canal expansion At least seven international dredging companies will participate in deepening the Suez Canal and digging a parallel waterway, Prime Minister Mahlab announces
Egypt's Suez Canal Authority (SCA) has signed a deal with international dredging companies to deepen the canal and dig a parallel waterway, announced Prime Minister Ibrahim Mahlab in a press conference Saturday. The SCA is currently overseeing expansion works at the canal meant to at least double its revenues. The international effort to dig the waterway is comprised of Emirati National Marine Dredging Company, Pier International, Van Oord Company, Boskalis Company, Jan De Nul Company, DEME Group and Great Lakes Dredge and Dock Company. Egypt has gathered the necessary LE60 billion in funds for the project by selling investment certificates to Egyptians. Mohab Mamesh, SCA head, announced that the project will be completed by 5 August 2015. http://english.ahram.org.eg/News/113394.aspx