KUWAIT: Aref Investment Group and Kuwait Gulf Link Transport Co. said on Tuesday they signed a deal to build and operate container docks at Egypt s Damietta port. The firms, in a statement posted on the bourse Web site, did not give the value of the deal, signed with Egypt s ministry of transport. But Kuwait s state news agency KUNA said the contract was worth $1 billion. KUNA said the deal involves the construction of 2,300-meter pier. The first phase of the project will be completed in 30 months and the facility will be fully operational in 2009, it said. Shares in Aref closed 1.64 percent lower at 600 fils ($2.06) fils while Kuwait Gulf Link was up 7.14 percent to 1.200 dinars. There are 1,000 fils to the dinar. Reuters
Kuwait's Aref, KGL sign $1 billion Egypt pier deal
