File Photo: Ships pass through the Suez canal. Photo courtesy of Suez Canal Authority Facebook page.
According to a Cabinet statement, the decision to establish the new company was issued per the Public Business Sector Law 203/1991.
In tandem, the cabinet transferred of ownership of Canal Mooring & Lights and The Port Said Engineering Works and Marine Construction from the Suez Canal Authority (SCA) to the newly established holding company as its subsidiaries.
It also authorized the new holding company to establish its subsidiaries and specify their operational duration and activities.
“The new Suez Canal Holding Company for Industries and Naval Services and Investments aims to develop the national economy through industrial and commercial activities related to naval work, including ship building, maintenance and repair; metal works constructions; integrated projects; as well as the management and investment of the assets of its subsidiaries,” the cabinet explained.
The Suez Canal, which is run by the SCA, is one of the country's primary sources of foreign currency.
The canal’s revenue recorded a historic high of $7.9 billion in 2022, up from $6.3 billion in 2021.
This year, the number of ships passing through the canal increased to 23,400, up from 21,700 in the prior year.
Moreover, the total amount of cargo passing through the canal reached a new peak of 1,420 billion tons this year, up from 1,220 billion tons in 2021.