Abu Dhabi's NMDC bags $21.5mln contract for dredging works in Egypt
Abu Dhabi contractor National Marine Dredging Company (NMDC) has bagged a contract worth 79 million dirhams ($21.5 million) for a dredging works project in Egypt.
The project includes dredging the entrance to the navigation channel and the trench of the quay wall in the Red Sea port in Safaga, NMDC said in a disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday.
The project is expected to be completed in eight months.
Egypt has been upgrading its ports at the Red Sea as part of a strategy to become the logistics hub in the region.
The Abu Dhabi-listed company, which undertakes dredging, reclamation and marine construction projects in the Middle East, has recently secured a $354 million deal from AD Ports for the engineering and construction of Shamal Development marine works at Khalifa Port.