Egypt denies agreement with Israeli company for Suez Canal

Egypt’s Suez Canal Authority (SCA) has denied reports about contracting an Israeli company to manage its services.

In a statement on Friday, SCA chief Osama Rabie termed reports about contracting a foreign company to run the canal as “completely and utterly untrue”.

He reiterated Egypt’s sovereignty in all political and economic aspects through managing, operating and maintaining the navigational facility of the Suez Canal.

Rabie said the authority is committed to its social responsibilities by announcing all its contracts in various forms, including contracts or memorandums of understanding and disclosing the terms of the contracts and their importance.

The Egyptian official said that all contracts concluded by the authority “cannot in any way downplay Egyptian sovereignty over the canal and all its facilities that are protected under the Egyptian constitution.”

READ MORE: Egypt police come under attack in Suez Canal city

Legal action against the rumours

The denial came amid news circulated on social media platforms claiming that Egypt had contracted an Israeli company to manage the waterway’s services through a 99-year concession contract.

Rabie vowed to take all legal action against those who promote rumors about the Suez Canal.

The Suez Canal is one of the most important waterways in the world and a main commercial route for shipping goods. 

The canal is one of the main sources of income for Egypt.

READ MORE: Egypt's Suez Canal nets record $6.3 billion revenue last year