Finance Egypt to float Suez Canal subsidiary next year By Pramod Kumar July 17, 2024, 7:08 AM Reuters/Mohamed Abd El Ghany Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the sale of a 20 percent stake in Canal Mooring on the Egyptian Stock Exchange, Egypt Today newspaper reported. NewsletterGet the Best of AGBI delivered straight to your inbox every week Rabie said that the SCA is seeking a 25 percent increase in revenue to $9 billion from the Suez Canal operation in 2024/2025, from $7.2 billion a year ago, Bloomberg Ashraq reported. He admitted that the tensions in the Red Sea were still impacting the Suez Canal significantly. Expansion work begins at Egyptian Red Sea port In times of conflict, spare a thought for the non-Gulf economies Volumes up at Saudi ports in spite of Red Sea attacks Finance minister Mohamed Maait said in May that revenues could fall by up to 60 percent due to the disturbances to global shipping. During the first four months of the year, Red Sea shipping fell by almost half compared to the same period last year.
