National Marine Dredging Company awarded AED600m lake expansion contract in Egypt
- September 20, 2020
- Posted by: administrator
- Category: Companies, Tenders and Contracts, Middle East
Abu Dhabi-headquartered National Marine Dredging Company has been awarded an AED600 million contract ($163.36 million) for the expansion of Lake Manzala in north eastern Egypt.
One of the Middle East’s marine industry leaders, NMDC announced the deal in a letter sent to the Abu Dhabi Securities Exchange (ADX) on 17th September 2020.
The expansion project will be implemented over a two year period in partnership with Al-Tahadi Egyptian-Emirati Co.
NDMC posted net profits increased by 53.7 percent to around AED103.5 million during H-1 2020, compared to circa AED67.06 million for the corresponding period in 2019.
The company is primarily engaged in the execution of dredging contracts and land reclamation in the territorial waters of the UAE. It also operates in other jurisdictions in the region including Bahrain, Egypt, Saudi Arabia and India via its subsidiaries, branches and joint operations. The Government of Abu Dhabi is a major shareholder in the company.