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07/06/2011 00:00 AST
Kuwaiti logistics firm KGL plans to spend one billion US dollars on Egypt's Domiat Port once work resumes in the halted project, KGL's Chairman said in published remarks on Monday.
"The company, till now spent $260 million on Domiat's project and expenditure is expected to reach one billion dollars," Arabic daily Al-Qabas quoted Saed Al-Dashti saying.
Al-Dashti said KGL is 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, also known as Kuwait and Gulf Link Transport, 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 units won a $870 million logistics contract with the US Army along with three other companies. The five years contract will start in September 2011.
KGL shares rose 1.4 percent on Kuwaiti bourse at 0800 GMT.
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Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
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