16 August 2014

Egypt: Forty-Two Companies Contributing to New Suez Canal Project - Army Spokesman

Suez — Forty two companies are contributing to the drilling of the new Suez Canal mega project so far, alongside two road battalions, the armed forces spokesman said on Saturday.

Army spokesman Mohamed Samir added in a statement that drilling has reached almost 8 million square metre. He added that drilling rates should increase when the drilling companies complete their equipment next week.

The statement did not mention the names of the 42 companies contributing to the new canal's drilling.

On 5 August, President Abdel Fattah al-Sisi launched a mega project which entails digging a new 72-km (45-mile) canal alongside the existing Suez Canal. It is expected to cost $4 billion.

The project is implemented under the supervision of the armed forces. While launching the project, Sisi said it would be completed within a year, instead of a previous deadline of three years.

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