First joint stock tunnel company established in Egypt
The National Egyptian Tunnels Authority recently concluded the required legal procedures to establish the first Egyptian joint stock company dealing with tunnels, reported Al-Ahram newspaper.
The minister of economy and foreign trade, Youssef Boutros-Ghali, is expected to declare the establishment of the company with a capital base of 50 million Egyptian pounds ($12.9 million).
The new tunnel company will execute a number of projects in Cairo as well as in other urban regions throughout Egypt. Planned projects in Cairo include a 2.5-kilometer long subway tunnel between the suburbs of Giza and Muneib, a 33-kilometer long subway tunnel from the suburb of Embaba to Cairo International Airport.
Several Egyptian contracting companies, consulting firms, insurance companies and banks, are involved in establishing the new company. — (MENA Report)
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