Egypt denies rumors about selling Suez Canal to foreign party for 99 years

Egypt’s Suez Canal Authority (SCA) has denied on Friday the rumors circulating about selling the vital waterway to a foreign company to manage it through a 99-year concession contract.

SCA’s chief, Osama Rabie has reiterated Egypt’s sovereignty in all political and economic aspects through managing, operating and maintaining the navigational facility of the Suez Canal.

Rabie added 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.”

SCA is committed to its social responsibilities by announcing all its contracts in various forms, including contracts or memorandums of understanding, while disclosing the terms of the contracts and their importance, the statement mentioned.