Egypt has signed a deal with United Arab of Emirates to establish a Joint stock venture for Marine and dredging works, Chairman of the Suez Canal Authority Mohab Mamish said Tuesday.
The new company will be named El Tahadi (the challenge company), he added.
Moreover, The agreement has been signed with Yasser Nasr Zaghloul, CEO of National Marine Dredging Company, during Mamish last visit to UAE.
According to the Chairman of the Suez Canal Authority, the new company will be established in order to exchange know-how, and technical expertise and with aim of integration in the field of dredging, land filling, and marine works.
In addition, the new company will work on developing , cleansing, and establishing the Egyptian ports as well as creating new job opportunities for the Egyptian youth.
According to the agreement, Canal Harbour and Great Projects Company (CHP), affiliated to Suez Canal Authority, will own 51 percent of the company, while the National Marine Dredging Company will possess 49 percent.
National Marine Dredging Company provides marine contracting including dredging and land reclamation; geotechnical works.
Through its main subsidiaries; manufacture of concrete products including hollow core slabs, precast concrete, panels, columns, beams, boundary walls and stairs; provides engineering consultancy services; manufacture of steel pipes and fittings; offshore contracting.