ISTANBUL (AA) – Egypt’s Suez Canal Authority (SCA) has denied reports about contracting an Israeli company to manage its services.
The denial came amid news circulated on social media platforms that Egypt had contracted an Israeli company to manage the waterway’s services through a 99-year concession contract.
In a statement, SCA chief Osama Rabie termed reports about contracting a foreign company to run the canal “completely and utterly untrue”.
Rabie said the authority announces all its contracts and discloses the terms of the contracts and their importance.
The Egyptian official said that all contracts concluded by the authority “cannot in any way downplay Egyptian sovereignty over the canal and all its facilities that are protected under the Egyptian constitution.”
Rabie vowed to take legal action against those who promote rumors about the Suez Canal.
The Suez Canal is one of the most important waterways in the world and a main commercial route for shipping goods. The canal is one of the main sources of income for Egypt.