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Qalaa's ASCOM qualified for Suez project work

Qalaa's ASCOM qualified for Suez project work
Qalaa Holding
CCAP
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Egypt’s ASCOM Geology and Mining Co has been chosen to work on a multi-billion dollar project to expand the Suez Canal by building a new canal alongside it, parent company Qalaa Holdings said on bourse statement.

Cairo-listed ASCOM, also known as ASEC Co for Mining, will excavate a 1 kilometre-long, 0.4 kilometre-wide section of the New Suez Canal, Qalaa said in a statement.

Qalaa, formerly named Citadel Capital, owns 39 per cent of ASCOM, did not give a value for the contract but said ASCOM was one of 42 companies chosen to work on an initial phase of the project.

Two other Qalaa companies, energy sector firm Mashreq and river transport company Nile Logistics, are also working on the project, Qalaa added.