Rumors of the Suez Canal .. and Egypt responds

Speculation in Egypt has escalated on an agreement between the Suez Canal Economic Zone Authority and the Abu Dhabi Ports Group, with allegations that it gives the navigational corridor to the Suez Canal with the usufruct system for 50 years.

These allegations sparked widespread concern among citizens, prompting the Council of Ministers and the Economic Authority to respond with official data to clarify the facts and confirm the full Egyptian sovereignty on the Suez Canal. Suez, which has a total area Internationally owned by the state and protected by Article 43 of the Egyptian Constitution, and this article obliges the state to protect the channel and its development as a distinctive economic center, which enhances reassurance about the failure to prejudice its strategic assets. In its aspect, the Economic Zone Authority for the Suez Canal explained that the agreement with the Abu Dhabi Ports Group is done according to the contract of a “useful right”, which is a contractual pattern followed by the law of economic regions of special nature No. 83 of the year. 2002 and its amendments for the year 2015, and that this system is used in all contracts with industrial developers and investors in the economic zone and aims to develop and operate the industrial zone to attract investments in the logistical and industrial sectors. She explained that, according to the agreement, the Abu Dhabi Port Group will promote the “Kizad” area to attract foreign investments, with a focus on localizing the industries to transfer advanced technology, Providing direct and indirect job opportunities, and the region will also contribute to increasing tax and customs revenues, strengthening Egyptian exports, supporting global supply chains and transit trade. (Russia today)