MIDEAST STOCKS-Suez Canal plan aids Egypt breakout; Emaar weighs on Dubai | News by Country | Reuters:
"Egyptian stocks rose in heavy trade on Tuesday, buoyed by news of a $4 billion plan to build a new Suez Canal alongside the existing waterway, while Emaar Properties pushed down Dubai as the company fell after its second-quarter earnings.
The chairman of Egypt's Suez Canal Authority said the expansion project, part of a larger plan to develop the area, would be completed within five years though Egypt would try to finish it in three.
It is not yet clear how the project will be financed or which companies will benefit. But the government's willingness to go ahead with it sent a positive signal of its intention to invest in economic growth over the next few years, and to begin closing some of the country's huge infrastructure gap."
'via Blog this'
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