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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)
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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.

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Türkiye, Lebanon Agree to ‘Work Together’ on Syria

Turkish President Recep Tayyip Erdogan receiving Lebanese Prime Minister Najib Mikati (EPA)
Turkish President Recep Tayyip Erdogan receiving Lebanese Prime Minister Najib Mikati (EPA)
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Türkiye, Lebanon Agree to ‘Work Together’ on Syria

Turkish President Recep Tayyip Erdogan receiving Lebanese Prime Minister Najib Mikati (EPA)
Turkish President Recep Tayyip Erdogan receiving Lebanese Prime Minister Najib Mikati (EPA)

Turkish President Recep Tayyip Erdogan announced on Wednesday that Türkiye and Lebanon have agreed to collaborate on Syria in the post-Bashar al-Assad era. During a press conference alongside Lebanese Prime Minister Najib Mikati, Erdogan said: “A new chapter has begun in Syria. We agree that, as two key neighbors of Syria, we must work together.”
Mikati received an official welcome ceremony at the Presidential Complex in Ankara. The two leaders held a bilateral meeting followed by an expanded ministerial session. Separate working meetings were also held between Turkish and Lebanese ministers.
During the joint press conference, Erdogan pointed to the challenges Lebanon and Palestine faced this year due to “Israeli threats and aggression.” He emphasized that “Lebanon’s security is inseparable from the stability of the region, just as regional peace cannot be achieved without a permanent ceasefire in Gaza.”
He added: “Any state that believes increased killing will bring security is making a grave mistake. Israel refuses to understand this truth.”
He also praised Mikati’s leadership and stressed the need for a ceasefire and Israel’s adherence to it.
On Syria, Erdogan stated that a new phase has begun, emphasizing the need for stability in the country.
He said: “For 13 years, we have endured instability in Syria, which has caused immense suffering in the region. Türkiye opened its doors and welcomed Syrians, just as Lebanon did. Achieving stability in Syria and returning it to normalcy are priorities for the coming phase. Establishing a permanent and sustainable governance structure is essential for Syrians and the region.”
Erdogan reaffirmed his country’s commitment to the country’s sovereignty and territorial integrity.
He continued: “Lebanon and Türkiye will stand by Syria to support its recovery in the coming phase. As we have done in the past, we will act as good neighbors, promoting Syria’s stability. The international community must also take responsibility to ensure regional security and stability.”
For his part, Mikati expressed gratitude to Erdogan, saying: “At every critical juncture Lebanon faces, you have been a steadfast supporter on all levels. We deeply appreciate your brotherly spirit toward our nation and people.”
Mikati highlighted the suffering Lebanon continues to endure due to Israeli aggression, which has caused significant human, economic, financial, social, and environmental damage in recent months.
He underlined the importance of Türkiye’s support in halting Israeli aggression, given its extensive network of Arab and international relationships.
On Syria, Mikati acknowledged Ankara’s active role in the region and reiterated Lebanon’s commitment to Syria’s unity, sovereignty, and territorial integrity, expressing hope for freedom and stability for the Syrian people. He concluded by emphasizing the importance of strengthening Lebanon-Syria relations based on mutual respect and good neighborly ties.