Suez Canal Authority Denies Granting 99-year Concession Contract to Company

The Cabinet's Media Center denied a rumor claiming that the Suez Canal Authority contracted with a company to manage its services through a 99-year concession contract.

The media center stated - in a statement Friday - that it had contacted the Suez Canal Authority, which denied these reports, stressing that it is not true that the Suez Canal Authority contracted with a company to manage its services through a 99-year concession contract, and that the circulating publication is unrealistic.

It stressed that the Suez Canal will remain fully owned by the Egyptian state, and subject to its absolute sovereignty, whether in its management, operation or maintenance, in accordance with Article 43 of the Egyptian constitution, and the entire staff of the Canal Authority, including employees, technicians and administrators, will remain Egyptian citizens.

She explained that any contracts concluded by the authority in various forms of contracts or memorandums of understanding and others are officially announced, with the disclosure of the terms of the contracts and their importance, which mainly aims to uphold the national interest, preserve the capabilities of the authority and develop its assets without prejudice to Egyptian sovereignty over the channel, calling on citizens not to Leaning behind such lies that aim to cast doubt on the most important national economic institutions.