Egypt's Suez Canal Authority to Co-establish Boat Manufacturing Company
Friday، 08 December 2023 - 09:02 AM
Prime Minister Mostafa Madbouly approved permitting the Suez Canal Authority (SCA) to co-establish Suez Canal for Modern Boats, a joint-stock company, per the decree published in the Official Gazette on Thursday 7/12/2023.
The company will manufacture, maintain, and export yachts and maritime units.
According to a document released by the authority, seven companies are already affiliated with the SCA, valued at EGP 519 million, employing around 8000 individuals.
The Egyptian government is keen to promote yacht tourism and remove all obstacles facing foreign yacht tourists along the Egyptian coasts. Therefore, in July, the government extended the visas granted to foreign yacht tourists to three months instead of one.
The SCA is an Egyptian state-owned authority that owns, operates, and maintains the Suez Canal.