President Abdel Fattah Al-Sisi renewed the term of the chairperson of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone), Mohab Mamish for another year.
Egypt is celebrating the third anniversary of the new Suez Canal, as it was inaugurated on 6 August 2015 with the aim of improving the Egyptian economy.
Mamish has been the spearhead in the digging of the new canal. He was the commander of the Navy in 2012 when he was forced into retirement by former president Mohamed Morsi. He served as member of the Supreme Council of the Armed Forces, which was the ruling body of Egypt after the 2011 Egyptian Revolution.
Earlier this week, the chairperson of the Suez Canal Authority and the SCZone, Mamish expects a $700m increase in revenues of the Suez Canal by the end of this year compared to 2017.
Mamish previously explained that the new Suez Canal aims to increase the Egyptian national income from foreign currency, achieve the largest proportion of double transit of vessels along the shipping route, reduce the waiting time, and thus meet the expected increase in the volume of trade exchange.