Egypt Launches New Suez Canal Holding Company To Boost Economy
Umer Jamshaid Published June 08, 2023 | 02:20 PM
CAIRO, June 8 (UrduPoint / Pakistan Point News - 8th Jun, 2023 ) --:The Egyptian cabinet approved in a meeting on Wednesday to establish a new Suez Canal holding company to control two state-run companies that belonged to the Suez Canal Authority (SCA), the cabinet said in a statement.
The new company, named Suez Canal Holding Company for Industries and Naval Services and Investments, will be headquartered in the northeastern city of Ismailia and will be subject to the public business sector provisions and regulations.
According to the decision, the new company will take charge of two companies previously run by SCA, namely Canal Mooring & Lights Company and Port Said Engineering Works & Marine Constructions Company, as subsidiaries.
The holding company is formed to boost maritime-related industrial and commercial activity, "including what is related to building, repairing and renovating ships," said the statement.
The new company can establish other subsidiaries, but their establishment, duration, and purposes have to be determined by the SCA chairman.
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Miscellaneous
-
Concerted efforts urged to ease traffic flow on city roads
3 days ago -
Land degradation: A threat to food security
3 days ago -
Revamping health sector, a gigantic task ahead
3 days ago -
American band promotes intercultural harmony thru music fusions
4 days ago -
Waste Management – A persistent challenge for MWMC
5 days ago -
Experts for ending child labour
7 days ago
-
Labour Day - A reminder for better facilities to workers
7 days ago -
Stage Drama Mohabati Manhoon presents in Arts council Larkana
9 days ago -
Wheat farmers in a fix on price, procurement mechanism
10 days ago -
Modern tools to help transform crime investigation procedures
10 days ago -
Sanam Marvi captivates audience with mesmerizing performance
10 days ago -
Modern Education Techniques: A pathway to achieve economic development
12 days ago