Egypt, UAE sign agreement to establish naval works company

ISMAILIA - 21 November 2017: Head of the Suez Canal Authority and The General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamish said an agreement was signed with the UAE to establish an Egyptian shareholders company to carry out naval and dredging works needed in the various sectors.

In a press statement released on Tuesday, Mamish said the agreement stipulates that 51 percent of the company's shares will be owned by Al Canal Company for Harbors and Mega Projects, one of the biggest companies affiliated to the Suez Canal Authority. The other 49 percent of the company's shares will be owned by a UAE dredgers company, one of the international companies specialized in the dredging and digging operations of the naval works.

The statement also said that the new company will carry out development works of the Egyptian harbors and provide new job opportunities for the Egyptian youths.

The statement also said the partnership is one of the fruitful outcome of cooperation between Egypt and UAE. It added that such partnership will help enhance economic development and will provide a chance for exchange of expertise so as to achieve common interests.

Mamish also voiced happiness over clinching such agreement which could be a good start for the development of the companies affiliated to the Suez Canal Authority.