Abu Dhabi - Mubasher: The National Marine Dredging Company (NMDC) and Canal Harbor & Great Projects (CHP), a wholly-owned subsidiary of Egypt's Suez Canal Authority (SCA), on Tuesday agreed to establish a new company.
The UAE’s biggest dredging contractor struck an agreement with SCA to set up an Egyptian shareholding company named “El Tahadi (The Challenge) Egyptian Emirati Marine Dredging Company", according to a bourse filing.
Canal Harbor & Great Projects will own a 51% stake in the new joint venture (JV), while NMDC will have the remaining 49% stake.
The new company’s aim is working in dredging, landfilling, and marine works, which serve different sectors including energy, maritime trade, urban development, and tourism.
