Adm. Mohab Mamish, Chairman of Suez Canal Authority and Chairman of the General Authority of Suez Canal Economic Zone, said that the recent visit to the United Arab Emirates last week has resulted in signing of an important joint venture agreement with the UAE to establish an Egyptian joint stock company called "The Challenge" - Egyptian Emirates Marine Dredging Company. The agreement aims at bringing integration between the two sides in the field of marine dredging, and naval projects that serve different sectors of energy, sea trade, urbanization, tourism and environment.
The agreement was signed last Saturday, November 18th, 2017, by the Chairman of Suez Canal Authority, Adm. Mohab Mamish, and Eng. Yasser Nasr Zaghloul, CEO of UAE National Marine Dredging Company. Attending the ceremony were His Excellency Ambassador Wael Gad, Ambassador of the Arab Republic of Egypt to the UAE, His Excellency Mohamed Thani Al Rumaithi, Chairman of the UAE National Marine Dredging Company, and a number of Board members of both sides.
Adm. Mohab Mamish expressed his great pleasure for signing the agreement, saying that this agreement is a strong start for developing the Suez Canal Authority's affiliated companies that have many potentials and capabilities in the field of great projects and construction of ports and sea terminals. Adm. Mamish, also said that the new company will operate in the field of developing, clearing, and construction of Egyptian ports, thus creating new job opportunities for the Egyptian youth.
His Excellency Mohamed Thani Al Rumaithi, Chairman of the UAE National Marine Dredging Company said that this joint venture is just a result of the long lasting cooperation between Egypt and the United Arab Emirates, supporting the economic development and acts as a model for the exchange of experiences and know-how between the two parties so that mutual interest can be achieved.
By virtue of this agreement, 51% of the company's shares shall be owned by the Canal Harbor and Great Projects Company; one of the oldest companies affiliated to the Suez Canal Authority, and 49% of the Company's shares to be owned by the UAE National Marine Dredging Company; one of the largest international companies specialized in dredging projects, digging and deepening of channels, waterways and construction of ports. It is worth noting that the UAE National Marine Dredging Company was the company that led the consortium of the international companies during the establishment of the New Suez Canal; proving its high efficiency and expertise. It has a long and extended experience of four decades in marine dredging and naval projects, making it one of the most reputable international companies in this field.