Egypt freaking out over possible Suez Canal agreement with Israeli company ~ Elder Of Ziyon

Tuesday, February 07, 2023

Egypt freaking out over possible Suez Canal agreement with Israeli company

The Egyptian Suez Canal Authority (SCA) on Friday denied reaching an agreement with an Israeli company to manage its services and decided to take legal action against those spreading the rumour.

A statement by the authority denied the news: "In response to the information that was circulated on some anonymous personal accounts on social media regarding the canal signing a contract with a company to manage its services through a 99-year contract."

The SCA statement came the day after an alleged contract was circulated on social media platforms, with those posting it claiming that it is a contract between the Egyptian government and an Israeli company to manage the canal's services. The controversy increased after the confirmation by Israeli journalist Edy Cohen.

Chair of the SCA Lieutenant-General Osama Rabie confirmed in a statement: "These rumours are completely and utterly untrue."

He affirmed: "Egypt's absolute political and economic sovereignty in managing, operating and maintaining the navigational facility of the Suez Canal. All contracts the authority has entered cannot affect Egyptian sovereignty in any way over the canal and all its facilities, which are protected by the Constitution."

Edy Cohen published several pages of a Memorandum of Understanding between the Suez Canal Authority and a fairly secretive consortium based out of the UK called HAB & JPR Privee Group.

The wording in the denial indicates what is probably going on. It wouldn't be unusual for the Suez Canal Authority to contract out specific services to others, under strict conditions - companies do that all the time. It clearly would not affect Egypt's sovereignty over the canal.

Also, there is a difference between a Memorandum of Understanding, which is like an agreement to make an agreement, and a legally binding contract. Most MOUs allow each party to back out of it under certain conditions. SCA's denials are of a contract, not an agreement.

I have no idea if HAB & JPR Privee Group is really Israeli.

Assuming that Cohen's MOU is legitimate, I find it interesting that it seems to be written on World Bank stationery.

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