Egypt has denied rumours that claimed the country is planning to sell the Suez Canal for $1 trillion, which began after an audio clip on the supposed sale was distributed online.
The Suez Canal Authority stated that the canal remains entirely owned by Egypt and is subject to its sovereignty in all aspects of its management, operation, and maintenance.
The Egyptian Cabinet’s media centre confirmed that the circulated audio clip claiming the sale of the canal is fake and has no basis in reality.
Revenues from the Suez Canal are considered the third source of Egypt’s national income behind overseas labour remittances and the tourism sector. It represents almost 5% of the GNP and 10% of GDP and is one of Egypt’s most important sources of hard currency.