(VOVworld) - Egypt signed contracts with six international firms on Saturday to carry out dredging of the new Suez Canal, the flagship project in President Abdel Fattah al-Sisi's program to revive an economy battered by years of political turmoil. Six companies include one from the United Arab Emirates (UAE); 2 from the Netherlands, 1 from Belgium, and the remaining from the US.

Lieutenant General Mohab Memish, head of the Suez Canal Authority, announced the consortium at a news conference in Cairo alongside Prime Minister Ibrahim Mehleb. The 4 billion USD project is scheduled to be completed by August 2015, an ambitious target set by President Sisi.