Egypt's President Abdel Fattah El-Sisi appointed Lieutenant General Osama Rabie as chairman of the Suez Canal Authority, the presidency said in a statement on Saturday.

Its previous head, Mohab Mamish, was appointed as an advisor to the president on seaports, the statement said.

Yehia Zaki was appointed as the Chairman of the Suez Canal Economic Zone (SCZone) per the decree. 

The Suez Canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.