Egypt launches new Suez Canal holding company to boost economy

THE Egyptian cabinet approved in a meeting yesterday to establish a new Suez Canal holding company to control two state-run companies that belong to the Suez Canal Authority (SCA), the cabinet said in a statement.

Xinhua reported that the new company, named Suez Canal Holding Company for Industries and Naval Services and Investments, will be headquartered in the north-eastern city of Ismailia and will be subject to public business sector provisions and regulations.