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Timsah Ship Building Co. targets business of EGP 500m in 2017 - Daily News Egypt

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Timsah Ship Building Co. targets business of EGP 500m in 2017

We seek to enter global market for ship rentals, says El Sengaby

Timsah Ship Building Company, a subsidiary of the Suez Canal Authority, aims to make business worth EGP 500m in 2017.

Chairperson of the company Reda El Sengaby told Al Borsa that the company is implementing five hangars in its workshops in Ismailia, adding that 70% of the first hangar is completed. The total cost of this project is estimated at EGP 50m.

He noted that the company is currently developing its business through establishing an administrative building on 60 square metres and three floors. He pointed out that the total cost of developing the company amount to EGP 250m. The plan also includes developing the company’s marine units.

El Sengaby said that the company has begun procedures to open a new branch in the Port Said free zone. This branch will operate the company’s marine units. He noted that the company also aims to enter the global ship rentals market.

He added that the company is also about to establish a floating bridge between the two shores of the Suez Canal in Ismailia. This bridge will be similar to the one in Port Said, which was recently opened to link Port Fouad and Port Said. The company’s bridge is set to be completed in August. Several other companies are taking part in the constructions process, including a number of the Suez Canal Authority’s other subsidiaries.

El Sengaby pointed out that the company is working on 80 metres of the 600-metre long bridge with a business size of EGP 22m.

He noted that the company is now also building two locomotives for the Suez Canal Authority, out of a total of eight locomotives being built by the authority’s subsidiaries. Each of the locomotives weighs 600 tonnes and cost $10m.

He added that the company is furthermore cooperating with SOMED to establish several gas stations. The company’s contract size in each of the stations is estimated at $1.5m.

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