NMDC scores $272 million Suez Canal dredging contract

National Marine Dredging Company (NMDC) has won a contract worth AED 1 billion ($272 million) for dredging works in Egypt’s Suez Canal. 

The job will include dredging operations on the waterway’s 122-132 KM section.

The project is expected to be completed in 2023, the company said in a bourse filing on the Abu Dhabi Securities Exchange (ADX).

The Suez Canal has grown since its construction back in 1869.

With new ships increasing in dimensions, the Egyptian Government is in deep need to upgrade the Suez Canal in order to accommodate the growing traffic and ship sizes.