Egypt’s cabinet refuted on Thursday rumors of selling the Suez Canal Authority to privately-owned companies to establish funding for the new administrative capital’s projects.
The cabinet has communicated with the SCA, which asserted the invalidity of rumors about privatization of the Suez Canal.
The cabinet added that the New Administrative Capital’s projects have not been funded by SCA’s revenues.
The government will continue owning shares of the Suez Canal, asserted the cabinet.
The Suez Canal’s projected revenues this year increased to US$6 billion, compared with $5.5 billion last year, Chairman of the SCA Mohab Mamish said in 2018.
Mamish attributed the increase in revenues to the implementation of the new Suez Canal, which has reduced the time required for the passage of ships through the canal from 22 hours to 11 hours.
Vessels cross through the Suez Canal to minimize the distance of travel from Asia to Europe, especially amid the increase in oil prices, said Mamish.
According to Mamish, 12 percent of ships worldwide cross through the Suez Canal, while 20 percent of container ships pass through it.
Edited translation from Al-Masry Al-Youm