KGL Wins 40-Yr BOT Contract in Egypt

By Islam Al-Sharaa, Kuwait Times

Jun. 30–KUWAIT — The KGL International Ports Co recently held a press conference at the Mangaf Hilton Hotel wherein a number of Egyptian journalists were invited and briefed about the company’s activities before going on field visits to KGL’s various work sites.

During the conference, chairman of board of directors and managing director Mohammed Kathem Al-Mazeidi reviewed KGL’s previous achievements as well as it future projects. Notably, KGL, as a sub-company of KGL Holding Co., currently runs a containers station at Sager port in Ras Al-Khaima , UAE after winning a 20 year contract to design, build and run the new station. The project was concluded according to schedule.

Furthermore, KGL won a 40 year BOT contract to design, build and operate a similar new station in the Egyptian port of Domyatt, for which a new Domyatt International Co. for Ports had been established under the chairmanship of Al-Mazeidi.

The new company is jointly owned by KGL ( 35 percent), China Shipping Co. (20 percent), CMA-CGM (20 percent), the Kuwaiti Aref Group (10 percent), General Electric (10 percent) and the Domyatt Port Authority (5 percent).

In Kuwait, KGL runs Shuaiba port containers station which lies about 45 kilometers south of Kuwait City, and is currently adapting an ambitious strategy to expand its work worldwide, namely in north African ports overlooking the Mediterranean and in GCC states.

—–

To see more of The Kuwait Times or to subscribe to the newspaper, go to http://www.kuwaittimes.net/.

Copyright (c) 2007, Kuwait Times

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:GE,