Aug 19, 2014 8:21 AM
Egypt picks Saudi consultancy to draft Suez plan
The Associated Press
CAIRO (AP) Egypt has selected a Saudi consultancy to draw up the plan for the government's mega project to transform the Suez Canal waterway into a hub of international investment and free trade zones.
Suez Canal Authority chief Moheeb Mamish announced in Cairo on Tuesday that the Saudi Dar al-Handasah a leading Mideast design, architecture and engineering consultancy was chosen among 14 candidates.
The project is separate from another mega project for the Suez Canal, unveiled by President Abdel-Fattah el-Sissi earlier this month and which involves the expansion of waterway.
In that project, the Egyptian military and local companies would dig out a new, 35 kilometer- (22 mile-) segment of the waterway.
The Suez Canal is a main source of income for Egypt, generating annual revenues of $5 billion.