NMDC Group announces $610.1mn Investment in Manila Bay
The deal follows a series of announcements from NMDC as it builds out its portfolio in Asia
NMDC Group has signed a contract with the Pasay Harbor City Corporation (PHCC) to undertake large-scale dredging and land reclamation activities in Manila Bay, Philippines.
This groundbreaking development project aims to build a new eco-friendly, waterfront city. NMDC Group will undertake a thirty-month project with a total value of US $610.1mn. The project will encompass 130ha of island reclamation. The scope of work includes sand supply, dredging and reclamation, vertical drains installation, vibro compaction, and rock placement.
Eng. Yasser Zaghloul, Group CEO of NMDC Group commented, “By entering the dynamic Philippines market, NMDC Group continues to expand its operational presence in Southeast Asia as part of its strategic push towards diversified, global growth. We take pride in applying NMDC Group’s world-class expertise to contribute to innovative, sustainable projects, which create value for communities and industries alike.”
Manuel S. Gonzales, President of Pasay Harbor City Corporation, added: “We are delighted to work with NMDC Group, a globally renowned entity that has an unparalleled multi-jurisdiction track record of successful, innovative projects. We look forward to partnering with NMDC to fulfill our vision of creating a new eco-friendly, waterfront city.”
The deal follows a series of announcements from NMDC as it builds out its portfolio in Asia. The company has previously expanded operations in Taiwan, Vietnam and Malaysia, and says the Manila Bay contract strengthens its presence in Southeast Asia’s fast-growing marine infrastructure market.
