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Three yacht ports to be established from Suez Canal revenues: Sisi

Three yacht ports will be established from the revenues of the Suez Canal, without prejudice to the allocations of the state’s general budget, President Abdel Fattah al-Sisi announced, on Thursday.

Sisi stressed that the Suez Canal achieved great revenues despite the recession from the pandemic around the world.

Sisi added the new projects of the Suez Canal are financed from the revenues of the Suez Canal Authority.

Commenting on the speech of the head of the Suez Canal Authority, Lieutenant-General Osama Rabie, during the celebration of the opening of the Olympic village and the inauguration of new naval units for the Suez Canal Authority, on Thursday, Sisi said that the new Suez Canal contributed to increasing the income of the canal and the number of ships crossing the canal’s navigational course. He stressed that this income is used in Suez Canal development.

Sisi referred to malicious campaigns aimed at questioning the achievements that have been achieved by the government, warning that the skeptics aim to spread despair among Egyptians, and intimidate and weaken them.

Sisi called on all state agencies to clarify the facts in order to confront the malicious skepticism campaigns aimed at drawing the Egyptians’ attention away from the achievements and questioning the state’s capabilities.

Sisi continued: “We are keen to be honest with Egyptians, as all projects are implemented based on accurate scientific studies.”

The Suez Canal revenues exceeded the cost of digging the new Suez Canal branch, Sisi said, referring to a controversy that arose about the feasibility of the project in 2014 when the project was being implemented.

The new Suez Canal branch was inaugurated in 2015 at a cost of LE68 billion, he stated.

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