Osama Rabie, head of the Suez Canal Authority (SCA) announced that the authority intends to list 3 companies on the Egyptian Stock Exchange (EGX) by the end of 2022.
Rabie added that studies are being finalized with the Ministry of Investment to offer 10% to 15% of specific companies that achieve high levels of profitability on the stock exchange.
In an interview with Al Arabiya, Rabie added that the SCA fund launched by the Egyptian government aims to reach EGP 100 billion to finance part of the investment in major national projects, and for investing in the stock exchange.
No additional fees for crossing the canal
He denied currently considering imposing any additional fees for crossing the canal,” noting that the increase that was raised is appropriate at the present time, pointing to the rise in the authority’s revenues to a record level last July, explaining that the revenues of canal recorded in the fiscal year ending on June 30, 2022 about $7 billion, compared to $5.8 billion in the previous fiscal year.
The capacity of oil tankers witnessed an increase by 60%
He pointed out that the capacity of oil tankers witnessed an increase last month by 60%, while gas ships increased by 31%, bulk vessels by 21%, and containers by 9%, noting that the navigation movement in the Suez Canal was positively affected by the repercussions of the Russian-Ukrainian war, noting that the positive effects outweighed the negatives as a result of the fact that Europe started importing oil and natural gas from the Gulf countries.
He believes that continuity of Ukraine’s grain exports can positively affect the navigation by 11%; as it heads south to Asian countries.
Project to deepen the Suez Canal will be completed in June 2023
Rabie added that the project to deepen the Suez Canal will be completed in June 2023, which began in May last year and will continue for two years, stressing that the impact of this project will boost the navigation in the southern part of the canal.
