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Egypt Announces 47% Increase in Suez Canal Revenues

Egypt Announces 47% Increase in Suez Canal Revenues

Sunday, 5 February, 2023 - 07:30
17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. (dpa)

The Egyptian government on Friday denied that the Suez Canal Authority (SCA) had reached an agreement with a foreign company to manage the canal’s services.

In spite of the denial, the hashtag “Suez Canal” remained the top trending topic in the country over the past two days, prompting SCA chairman, Lieutenant General Osama Rabie, to warn against heeding rumors.

Rabie said the canal is owned by Egypt and the Egyptian people and that all employees in the canal are and will remain Egyptians.

In statements to Al Nahar TV, he urged Egyptians to shun such rumors.

Social media posts had claimed that the SCA had contracted a company to manage its operations through a 99-year concession contract. The post sparked widespread outrage among Egyptians on social media.

On Friday, the cabinet denied the reports.

In a statement, it explained that it contacted the SCA for clarification. The SCA categorically dismissed the reports.

“The SCA stressed the Suez Canal will remain as a state-owned asset,” the cabinet added.

Separately, Rabei said revenues from the canal increased by 47 percent in January, compared to the same period last year.

He added that 23,800 vessels crossed the canal last year and that 2,159 vessels transited the canal in January, an increase of 21 percent.

General Coordinator of the National Dialogue and head of the State Information Service (SIS) Diaa Rashwan said the Suez Canal is more than a waterway in Egypt, stressing that it is a symbol of the country’s modern history since its establishment in 1805.

In televised remarks, he warned that the canal is being targeted by rumors and false claims with the aim of harming the people.

In December, the parliament had caused as a stir when it approved a draft law on amending the work regulations of the SCA and establishing a dedicated fund to manage its assets.

The moved sparked widespread political and popular debate.

At the time, Rabie explained that the fund was aimed at investing part of the canal revenues in developing the SCA and projects that will benefit all Egyptians.

He stressed that Egypt will continue to have full sovereignty over the waterway.

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