The UAE-based National Marine Dredging Company (NMDC) announced that it has been awarded the Suez Canal Expansion project in Egypt.

This project is one of the most prestigious dredging projects in the world, NMDC announced in its statement to the Abu Dhabi Securities Exchange on Sunday, adding that it won the award as part of a consortium of dredging companies which includes: Van Oord, Boskalis and Jan de Nul.

The total value of the award amounts to $1.5 billion.