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Kuwait's KGL to spend $1bn on Egyptian port: paper

Logistics firm is in talks with Egypt government but will quadruple spending once work resumes on halted project, says Kuwaiti daily

Reuters, Monday 6 Jun 2011

Kuwaiti logistics firm KGL plans to spend US$1 billion 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 spend $260 million on Domiat's project and expenditure is expected to reach $1 billion," 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 unit won a $870 million logistics contract with the US Army along with three other companies. The five-year contract will start in September 2011.

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