President El-Sisi Meets with Suez Canal Authority (SCA) Chairman – African Business

Today, President Abdel Fattah El-Sisi was accompanied by Admiral Osama Mohamed Rabie (Managing Director) of the Suez Canal Authority.

The Egyptian Presidency’s spokesperson stated that the meeting discussed efforts made by the Suez Canal Authority.

In this context, the President was briefed regarding navigation rates in Suez Canal. Admiral Osama Rabia confirmed that the new Suez Canal doubled the annual revenues of this canal, which now exceeds $7 billion. In addition, 70 ships transiting the canal per day have been recorded, which contributes to the nation’s efforts to provide foreign currency and support its economy.

The new Suez Canal also contributed to reducing carbon emissions from vessels transiting it by a total of 53 million tons due to the canal’s capacity increase and the reduction of transit time, thus supporting the canal’s efforts to become a green canal by 2030.

The President directed that Lake Bardawil is developed. These efforts are part the Bardawil Sinai Development Initiative, to which the Suez Canal Authority and DEME Group contribute.

These efforts are intended to increase Lake Bardawil’s production. The goal is to increase the production quality fish, from 4000 to 11,000 tons annually in short term to 50,000 tons over the medium term.

These efforts also contributes to the reclamation agricultural lands, the enhancement of vegetation, and afforestation on Sinai’s 15,000 square kilometers.

The President was briefed by the Chairman of the Suez Canal Authority on the navigation indicators for the canal since the beginning of the year. This includes the number and volume of containers and cargo passing vessels. This helped to achieve record growth, and increased revenue. By the end of 2011, revenues will be approximately $7.8 billion.

Distributed by APO Group, The Presidency and The Arab Republic of Egypt