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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      New study reveals that UAE is most competitive economy in the Arab world

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Canal-side developments offering potential construction projects in Egypt

              OBG

              February 16, 2016
              in Infrastructure
              0

              In August 2015 Egypt opened the new Suez Canal axis to much fanfare. An Egyptian project that was managed, financed and executed entirely by Egyptians in record time elicited extensive media coverage. This is understandable given that the project had become a symbol of political and economic rebirth, but also, just as importantly, given that it constituted a remarkable feat of construction.

              Initial Plan
              The original Suez Canal opened in 1869 as a groundbreaking addition to global shipping routes and construction took 10 years to complete. The new 72-km expansion, however, was only a year in the making. The $8.2bn project – mainly funded through five-year investment certificates sold to ordinary Egyptians – had originally been scheduled to take three years, with some sceptics believing it would actually take as many as five years to complete. The opening in August, therefore, came as a welcome and satisfying surprise. The early completion of the project was, in part, due to a call by President Abdel Fattah El Sisi for the new canal to be ready within 12 months – a significant challenge for any contractor given the scale of the project.

              Team Work
              Overseen and organized by the Egyptian Army Engineers Corp, the project comprised the digging of a new 72-km channel, and the construction of six underwater tunnels connecting Port Said and the Ismailia regions. The creation of the new waterway, which will allow ships to pass through the canal in both directions, thereby significantly reducing travel times and increasing the overall capacity of the infrastructure, was itself a large undertaking. Indeed, many of the world’s leading dredging companies, including the National Marine Dredging Company from the UAE, Boskalis and Van Oord from the Netherlands, and Jan De Nul of Belgium, were enlisted under the title of the Challenge Consortium, to undertake the digging and dredging of the new canal axis on a contract worth $1.5bn.

              Record Time
              The consortium had to dig a 35-km waterway to a depth of 24 meters. To achieve this on schedule, the participating construction firms far exceeded industry norms for performance. Yasser Zaghloul, CEO of the National Marine Dredging Company and chairman of the Challenge Consortium, told the regional press, “To realize this formidable task in record time, we deployed 26 dredgers and 40 additional equipment – an unprecedented number to have been deployed in a single project within a tight schedule of less than 12 months.” The short deadline required an average dredging rate of 1.5m cu meters per day, well above industry norms. The consortium comfortably broke the dredging record of 8m cu meters per month and had dredged more than 200m cubic meters of sand in total by the time the project was completed.

              Follow-Up
              While August 6, the inauguration of the expansion, marked an important milestone, it did not signal the end of large-scale projects for the construction sector, although some industry players have described a downturn in the sector in the wake of the Suez project. As Mahmoud Bdeir, president of SIPES, told OBG, “There has been a general slowdown in the construction sector as a result of all of the money that was sucked out of the markets by the Suez Canal bond, leaving little room for additional investments by both companies and individuals.” The government, however, has plans for the Suez Canal Area Development Project, a mega-development involving the construction of a 76,000-sq-km industrial and logistics corridor along the banks of the canal, which may help to dispel any feelings of sector deceleration.

              The initiative involves expanding ports, building industrial zones and creating the new urban centers of East Port Said, Bardawil City and New Ismailia City on the canal’s eastern bank, and New Suez City on the western bank. These four urban developments alone will have the capacity to house 860,000 residents, which provides a sense of the scale of these overall construction plans.

              According to the General Authority for the Suez Canal Economic Zone, the Ain Sokhna Suez area will comprise one of the largest industrial and port complexes in the world upon completion, and the infrastructure, in terms of electricity and water supply for the development around the Suez Canal area, will alone cost an estimated $15bn.

              Future Impact
              The canal, which is almost 150 years old, will continue to be a source of construction contracts for some time to come. While some of the plans may be modified or delayed, the industry can expect a raft of future projects given the central importance of the canal and the industrial corridor to the country’s economic development plans. Against this backdrop, the expansion is likely to be more significant in terms of further bolstering Egypt’s status as a trade and logistics centre.

              In March 2015, the government unveiled a new strategy to capitalize on added benefits of the expanded canal, identifying several strategic objectives, including better domestic connectivity and increased inter-modality, as well as infrastructure upgrades with private sector participation. Priority has been given to transport infrastructure improvements in particular, ranging from roads and railways to dry ports and container terminals. While roads account for 97% of freight transport in the country, according to the Ministry of Transportation, Egypt is looking to expand rail capacity both for cargo and passenger traffic, with $6.4bn worth of planned rail and dry port projects in the works.

              Increased Trade
              Maritime upgrades also top the agenda, with the pipeline of port development projects reaching a combined $1.9bn, including new general cargo and container terminals in East Port Said ($990m), general cargo terminals in Damietta ($150m) and Safaga ($250m), and a universal port project in Ain Sokhna ($500m), to include terminals for liquid bulk, general cargo, dry port and containers. These projects go hand-in-hand with efforts to develop manufacturing activity and industrial zones around the Suez Canal, which could create the necessary added value to justify higher transit fees.

              While 8-10% of global sea trade passes through the Suez Canal, transit fees average between $150 and $200 per container, compared to $2000-$3000 in European ports, due to a lack of associated services, according to the International Quality and Productivity Centre, an industry-focused research and events company. The large-scale Suez Canal Zone development project, which is targeting $68bn-$100bn in investments through to 2023, aims to promote the development of related service industries in cities near the Suez Canal and also plans to create a technology valley centered in Ismaili.
              Oxford Business Group
              16 February

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