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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