Arab Finance: President Abdel Fattah El-Sisi reviewed navigation traffic and operational performance of the Suez Canal during fiscal year (FY) 2025/2026, according to a statement.

In his meeting with Chairman of the Suez Canal Authority (SCA) Osama Rabie and Chairman of the South Red Sea Shipyard Company Mostafa El-Dougishy, President El-Sisi was briefed on the timetable for launching new marine units over the coming period.

He stressed the importance of localizing the marine manufacturing industry to serve the Suez Canal and Egyptian ports, support the inland water transport sector, and expand into export markets through partnerships with the private sector.

El-Sisi also directed that all projects adhere to the highest quality standards and fully comply with occupational safety and health requirements while ensuring the continuous training and development of technical personnel.

The meeting also addressed the latest developments regarding the equipment of two fiberglass factories at the Suez Canal Company for Modern Boats (SCCMB), a joint venture (JV) between the SCA and the South Red Sea Shipyard Company.

He also reviewed progress on the construction of several fiberglass boats, including the completion of the hulls for three cruise launches designed to serve maritime and Nile tourism.

The meeting also included a review of the implementation of a project to build 12 deep-sea fishing vessels under the "REZK" class using advanced global technologies, as well as an update on manufacturing a 60-passenger river bus that will operate in Cairo.

Finally, the president followed on the construction phase of the 90-ton bollard pull "Azm" class marine tugboats, stressing the need to maintain all quality and safety standards.

In April, oil tanker traffic through the Suez Canal jumped by nearly one-third, as the Strait of Hormuz closure boosted demand for the Red Sea shipping route.