Egypt Independent

Suez Canal Authority gains powers to set up joint stock firms

President Abdel Fattah Al Sisi issued a decree amending provisions of law number 124/1963 to grant the Suez Canal Authority the right to establish joint-stock companies.

The decree was published Saturday in the official Gazette.

Egypt will inaugurate the New Suez Canal on August 6, which will increase the capacity of the existing canal and help boost the national economy.

The new route will reduce navigation time from the current 22 hours to only 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.