New Suez Canal Holding Company Established to Bolster Economy

The Egyptian Cabinet has given its authorization for the creation of a new company, the Suez Canal Holding Company for Industries and Naval Services and Investments, in order to bolster economic development and promote naval services. The headquarters of this newly-established company will be built in Ismailia.

At the same time, the Cabinet has transferred the ownership of Canal Mooring & Lights and The Port Said Engineering Works and Marine Construction from the Suez Canal Authority (SCA) to the Suez Canal Holding Company for Industries and Naval Services and Investments as its subsidiaries, while granting it the authority to establish its own subsidiaries, and define their operational duration and activities.