Kuwaiti firm to spend $1bn on Egyptian port
Kuwait, June 7, 2011
Kuwaiti logistics firm KGL plans to spend $1 billion on Egypt's Domiat Port once work resumes in the halted project, KGL's chairman said in published remarks.
'The company till now spend $260 million on Domiat's project and expenditure is expected to reach $1 billion,' Arabic daily al-Qabas quoted Saed al-Dashti saying on Monday.
Al-Dashti said KGL, also known as Kuwait and Gulf Link Transport, was in talks with the Egyptian government to resume work, adding that he will meet with Prime Minister Essam Sharaf to resolve pending issues.
The chairman said that KGL has intentions to expand its current $200 million investments in Sudan through projects in marine and railway transports.
In May, KGL said one of its unit won a $870 million logistics contract with the US Army along with three other companies. The five years contract will start in September 2011.-Reuters