On Wednesday, Suez Canal Authority Chief Osama Rabie announced that "the canal's revenues reached $9.4 billion in the current fiscal year 2022-2023, compared to $7 billion in the previous fiscal year." He confirmed that "for the first time in the history of the canal, the authority achieved revenues of approximately $9.4 billion." The fiscal year in Egypt ends on June 30.
Rabie also announced that the authority is offering a 20% stake in one of its subsidiaries in line with government efforts to promote the private sector, but added that selling or leasing the canal is "out of the question." He explained that selling a 20% stake in the canal's company at the Egyptian Stock Exchange serves as an experiment, with the possibility of selling additional stakes in the future.
The canal chief stated that the authority has incorporated the company into a holding company, without providing further details. According to the company's website, its capital stands at 250 million Egyptian pounds (approximately $8.10 million). He reiterated that there is no discussion of selling or leasing the canal.
Last year's proposal to make legal amendments to establish a fund to help the Suez Canal Authority manage its resources fueled speculation that it would open the door to selling stakes in the canal to foreign investors. These speculations arose as Egypt faces severe financial pressures and a significant shortage of foreign currency. Rabie clarified that the proposal to create a separate fund is unrelated to selling any assets or leasing them.
The canal is a primary source of foreign currency for Egypt, achieving revenues of $9.4 billion so far in the current fiscal year, which ends this month. Egyptians consider former President Gamal Abdel Nasser’s nationalization of the canal in 1956, which led to a failed British invasion, as one of the greatest achievements of modern Egypt.
