President El-Sisi Meets Chairman of Suez Canal Authority

alhadath – cairo

Today, President Abdel Fattah El-Sisi met with the Chairman of the Suez Canal Authority (SCA) Lieutenant General Osama Rabie.

The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting reviewed the impact of regional developments on shipping traffic through the Suez Canal during the current year. President El-Sisi was briefed on the revenues generated by the Canal in 2024, which saw a decline of more than 60% compared to 2023. This means that Egypt has lost nearly $7 billion in 2024 as a result of the ongoing events in the Red Sea and Bab el-Mandeb, which negatively affected navigational traffic through the Canal and the sustainability of global trade.

The meeting also touched on the ongoing projects to modernize the Suez Canal’s navigation route to enhance its value and role in global supply chains and trade. These projects include the completion of the whole of southern sector project and the expansion of the navigation route from kilometer 132 to kilometer 162 to allow for the passage of giant vessels. This is in addition to the completion of the full duplication of the navigation channel from kilometre 122 to kilometre 132, which will help increase cargo volume and speed up the movement of vessels in both directions.

The President was also briefed on the measures taken by the Suez Canal Authority to address the challenges in the Red Sea and Bab el-Mandeb, as well as ongoing efforts to modernize the fishing fleet according to international standards, using the latest advanced technological systems.

President El-Sisi gave directives to continue the completion of the Canal development projects, with the aim of providing the best maritime services and reinforcing the Canal’s role as a key pillar in global trade.

The President also gave directives to continue the modernization of the Egyptian fishing fleet in line with the latest international standards to strengthen this vital sector’s role in serving the national economy.