BREAKING NEWS: Egypt OKs new Suez Canal dredging company

Egypt’s Cabinet has approved the licensing of the Suez Canal Authority to proceed with establishing a new joint-stock company – Suez Canal Dredging and Maritime Works Company.

The company will be formed in partnership with a private sector firm operating in general supplies and contracting, and will focus on dredging projects, maritime works, and related supply activities.

According to the official, this new entity is set to improve, maintain and expand the Suez Canal’s capacity through specialized technical works, reinforcing Egypt’s position in maritime logistics.

The decision was taken earlier this week, during the Cabinet’s 89th meeting chaired by the Prime Minister, Moustafa Madbouly.