Egyptian cabinet approves to establish Suez Canal holding company

The Egyptian cabinet approved the establishment of Suez Canal Holding Company for Maritime Industries and Services on Wednesday.

The new company aims to activate public sector companies owned by the Suez Canal Authority and enhance their role in the private sector.

The cabinet also agreed to transfer the Canal Company for Mooring and Lights and Port Said Engineering Works Co. to the public business sector.

Both companies are set to be a part of the to-be established Suez Canal Holding Company for Maritime Industries and Services.