Egypt Announces 47% Increase in Suez Canal Revenues

17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. (dpa)
17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. (dpa)
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Egypt Announces 47% Increase in Suez Canal Revenues

17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. (dpa)
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.



Barrack Says Hezbollah Involvement in Iran-Israel War Would Be 'Very Bad Decision'

A handout photo released by the Lebanese Presidency press office on June 19, 2025 shows Lebanon's President Joseph Aoun (R) welcoming US negotiator Thomas Barrack at the presidential palace of Baabda east of Beirut. (Photo by Lebanese Presidency / AFP)
A handout photo released by the Lebanese Presidency press office on June 19, 2025 shows Lebanon's President Joseph Aoun (R) welcoming US negotiator Thomas Barrack at the presidential palace of Baabda east of Beirut. (Photo by Lebanese Presidency / AFP)
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Barrack Says Hezbollah Involvement in Iran-Israel War Would Be 'Very Bad Decision'

A handout photo released by the Lebanese Presidency press office on June 19, 2025 shows Lebanon's President Joseph Aoun (R) welcoming US negotiator Thomas Barrack at the presidential palace of Baabda east of Beirut. (Photo by Lebanese Presidency / AFP)
A handout photo released by the Lebanese Presidency press office on June 19, 2025 shows Lebanon's President Joseph Aoun (R) welcoming US negotiator Thomas Barrack at the presidential palace of Baabda east of Beirut. (Photo by Lebanese Presidency / AFP)

The US special envoy for Syria Tom Barrack on Thursday warned Hezbollah against getting involved in the war between its main backer Iran and Israel.

"I can say on behalf of President (Donald) Trump... that would be a very, very, very bad decision," Barrack said, responding to a question on what the US position would be on any involvement by Hezbollah in the war.

Barrack met with Lebanese President Joseph Aoun at Baabda Palace and Speaker Nabih Berri in Ain el-Tineh.

Hezbollah has condemned Israel's strikes on Iran and expressed full solidarity with its leadership.

Hezbollah on Thursday expressed support for Iran’s Supreme Leader Ali Khamenei following threats by Israeli leaders that he could be killed.

In a statement, Hezbollah said that “threats to assassinate (Khamenei) are foolish and reckless, and will have disastrous consequences.”

But the group has stopped short of making explicit threats to intervene.

Israel's defense minister said Thursday that Khamenei "can no longer be allowed to exist" after an Israeli hospital was hit during an Iranian missile attack.

"Khamenei openly declares that he wants Israel destroyed -- he personally gives the order to fire on hospitals. He considers the destruction of the state of Israel to be a goal," Israel Katz told journalists in Holon near Tel Aviv. "Such a man can no longer be allowed to exist."

Killing Khamenei would "end the conflict" between Israel and Iran, Israeli Prime Minister Benjamin Netanyahu has said.