27 November 2022 10:09 PM

Sisi: SCA makes huge returns despite global recession

Thursday، 08 September 2022 - 03:19 PM

President Abdel Fattah El Sisi said the Suez Canal Authority (SCA) has made huge revenues despite global recession and the outbreak of Covid-19.

The president’s remarks came on Thursday 8/9/2022 at the opening ceremony of the Olympic Village and the inauguration of the SCA’s new marine units in Ismailia governorate.

Sisi pointed out that the new Suez Canal projects are funded through the authority's revenues, noting that the new canal has contributed to increasing the revenues and the number of vessels passing through the waterway.

Such revenues will be used to upgrade the canal, Sisi said, slamming campaigns that were launched to cast doubt on these achievements.

The president urged to clarify facts to counter such fake campaigns.

The revenues of the canal overpasses the cost of digging the new canal, he said, announcing that three yacht ports will be established through such returns without affecting the allocations of the state public budget.

Commenting on SCA's Chairman Osama Rabie's word during the inauguration of the Olympic Village of the Suez Canal Authority (SCA) and the new marine units in Ismailia, President Abdel Fattah El Sisi affirmed Egyptian thinkers, intellectuals and media men's keenness on Egypt's future and stability.

President Sisi recalled the wide debate that emerged following the decision of the Suez Canal expansion project in 2014, that was inaugurated in 2015.

The president lashed out at all attempts that were meant to undermine Egyptian's morale, citing the huge revenues achieved by the SCA.

The SCA's revenues were between dlrs 4.8 bn to 5 bn but now range between dlrs 5.5 bn to 7 bn, he said, adding that the SCA's returns have far exceeded the amount raised for widening the waterway's course. 
President Sisi said the State has regained all costs allocated over past five years to the Suez Canal expansion.

Meantime, the president downplayed media campaigns questioning the State's abilities, highlighting the importance of all ventures meant to upgrade and expand the Suez Canal navigational course to be able to accommodate all vessels transiting the waterway from both directions at same time.

He called on all Egyptians not to heed to malicious campaigns aiming to distort the State's abilities and measures.

President Sisi also underscored the importance of elaborating and clarifying to the public truth about all Sate-related ventures and achievements realized across the various sectors. 
President Sisi said the Suez Canal revenues increased in the past 2 years, despite the untoward impact of the coronavirus pandemic that took its toll on world economies.

Thanks to all studies conducted by the SCA's affiliated-bodies, the Authority was able to meet all its financial commitments and further press ahead with carrying out more ventures, the president said.

He also extended his thanks to all the SCA's staffers for all their concerted efforts.

" We are honest with Egyptians in everything," the president noted. He also said any project is established following thorough studies, to ensure embarking upon the right decision.

President Sisi said the SCA will finance all projects which its Chairman Osama Rabie referred to, as it will not take any funds from the Ministry of Finance.

"Egypt's vital international navigational course necessitates the implementation of important ventures," the president said.

President Sisi also referred to a number of marinas serving tourist yachts crossing the Suez Canal throughout the year, saying that all current projects are part of an overarching State plan, both in the Mediterranean Sea and the Red Sea.

The president directed a question to Minister of Transport Kamel el-Wazir about the steps taken to encourage yacht tourism in Egypt and thus generate more job opportunities for youth. The minister replied that Egypt's launching of its first-ever yacht platform would enable any tourist or investor to come to the country in only 72 hours.

Through this platform tourists and investors would be able to register, pay due fees and get a permit in 24 hours or less in order to enter any marina, the minister said.

President Sisi commented that 24 hours is a long time, noting that registration should not take more than 30 minutes.

He also called for rallying efforts, with a view to accelerating registration procedures in this regard.


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