Egypt’s parliament to discuss proposed changes to Suez Canal Authority law

DUHAIL, the world’s biggest LNG tanker, passes through the Suez Canal, Egypt, April 1, 2008. (Reuters)
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Updated 06 October 2022
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Egypt’s parliament to discuss proposed changes to Suez Canal Authority law

  • Bill submitted by govt seeks to establish fund owned by the authority
  • Facility would help boost canal’s revenue

CAIRO: The Egyptian parliament is expected next week to discuss a new bill submitted by the government to amend the Suez Canal Authority law.

The aim is to establish a fund owned by the authority with an independent legal personality to be headquartered in Ismailia. More offices could be set up in the future elsewhere in the country.

The amendments would enable the fund to contribute to the canal’s economic development through the exploitation of its resources in accordance with international standards, and better deal with crises and emergency situations as they occur.

The changes would grant the authority the right to participate, alone or with others, in establishing companies, investing in securities, buying, selling, renting, exploiting and benefiting from its fixed and movable assets — provided that the authorized capital of the fund is 100 billion Egyptian pounds ($5.09 billion).

The government has said the fund would maximize the canal’s revenues.

The move is significant in light of the challenges facing the Suez Canal facility as a result of weak global economic performance and a decline in international trade rates.

“Issuing such amendments to the Suez Canal Authority law are related to the economic conference that will be held at the end of this month, which may also lead to other economic ideas,” journalist Emad El-Din Hussein told Arab News.

“The successive international developments will impose different and varied challenges on the Egyptian government, especially the repercussions of the global economic crisis and its effects on us in the region,” he said.

Economist Ahmed Sayed Mahmoud said: “I expect a local economic boom, especially with the Egyptian government’s desire to change and amend some laws that would contribute to supporting the national economy, including the amendments to the Suez Canal Authority law.”

He added: “Opening up to all kinds of investment is very beneficial to the economy, whether through acquisitions or pumping investments in new companies and factories.”


Israel fires mortar into Gaza residential area, wounding at least 10

Updated 18 December 2025
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Israel fires mortar into Gaza residential area, wounding at least 10

  • The attack is the latest Israeli attack since the Oct. 10 ceasefire took effect
  • Palestinian health officials have reported over 370 deaths from Israeli fire since the truce

JERUSALEM: Israeli troops fired a mortar shell over the ceasefire line into a Palestinian residential area in the Gaza Strip, in the latest incident to rock the tenuous ceasefire with Hamas. Health officials said at least 10 people were wounded, and the army said it was investigating.
The military said the mortar was fired during an operation in the area of the “Yellow Line,” which was drawn in the ceasefire agreement and divides the Israeli-held majority of Gaza from the rest of the territory.
The military did not say what troops were doing or whether they had crossed the line. It said the mortar had veered from its intended target, which it did not specify.
Fadel Naeem, director of Al-Ahli Hospital, said the hospital received 10 people wounded in the strike on central Gaza City, some critically.
It was not the first time since the ceasefire took effect on Oct. 10 that Israeli fire has caused Palestinian casualties outside the Yellow Line. Palestinian health officials have reported over 370 deaths from Israeli fire since the truce.
Israel has said it has opened fire in response to Hamas violations, and says most of those killed have been Hamas militants. But an Israeli military official, speaking on condition of anonymity in line with military protocol, said the army is aware of a number of incidents where civilians were killed, including young children and a family traveling in a van.
Palestinians say civilians have been killed in some cases because the line is poorly marked. Israeli troops have been laying down yellow blocks to delineate it, but in some areas the blocks have not yet been placed.
Ceasefire’s next phase
The Israel-Hamas ceasefire is struggling to reach its next phase, with both sides accusing each other of violations. The first phase involved the exchange of hostages for Palestinian prisoners. The second is supposed to involve the deployment of an international stabilization force, a technocratic governing body for Gaza, the disarmament of Hamas and further Israeli troop withdrawals from the territory.
The remains of one hostage, Ran Gvili, are still in Gaza, and the militants appear to be struggling to find it. Israel is demanding the return of Gvili’s remains before moving to the second phase.
Hamas is calling for more international pressure on Israel to open key border crossings, cease deadly strikes and allow more aid into the strip. Recently released Israeli military figures suggest it hasn’t met the ceasefire stipulation of allowing 600 trucks of aid into Gaza a day, though Israel disputes that finding.
Humanitarian groups say the lack of aid has had harsh effects on most of Gaza’s residents. Food remains scarce as the territory struggles to bounce back from famine, which affected parts of Gaza during the war.
The toll of war
The vast majority of Gaza’s 2 million people have been displaced. Most live in vast tent camps or among the shells of damaged buildings.
The initial Hamas-led Oct. 7, 2023, attack on southern Israel killed around 1,200 people and took 251 hostages. Almost all hostages or their remains have been returned in ceasefires or other deals.
Israel’s two-year campaign in Gaza has killed more than 70,660 Palestinians, roughly half of them women and children, according to the territory’s Health Ministry, which does not distinguish between militants and civilians in its count. The ministry, which operates under the Hamas-run government, is staffed by medical professionals and maintains detailed records viewed as generally reliable by the international community.