CAIRO (AP) — Egypt selected a consortium of Egyptian and the Persian Gulf companies Tuesday to develop the government’s mega project to transform the Suez Canal waterway into a hub of international investment and free trade zones, officials said.

Egyptian authorities say the massive development plan is badly needed to help boost an economy that has been ravaged by three years of political turmoil. The Suez Canal is a key source of revenue for Egypt, bringing in around $5 billion annually.