Abu Dhabi-based contractor National Marine Dredging Co. (NMDC) has won a contract worth AED 1 billion ($272 million) for dredging works in Egypt’s Suez Canal.

The project is expected to be completed in 2023, the company said in a bourse filing on the Abu Dhabi Securities Exchange (ADX) on Monday.

NMDC’s operations include ports and civil projects, refining and petrochemical operations, onshore operations, renewable energy, deep-sea operations and other related projects.