Suez Canal Authority to acquire South Red Sea Shipyard

The Suez Canal Authority (SCA) is in the process of acquiring South Red Sea Shipyard company, which specialises in building super yachts, sources close to the deal told Daily News Egypt.

The sources added that the SCA has already completed the evaluation and due diligence procedures, and is expected to complete the acquisition during the coming period.

South Red Sea Shipyard is a private company operating in the Port of Safaga.

In September, the SCA signed a memorandum of understanding with South Red Sea Shipyard for cooperation in the tourism yacht industry in Egypt.

The MoU allows the manufacture of tourist yachts of different models in the shipyards of the authority and the South Red Sea Shipyard, which enables the introduction of new technical expertise and maximizing the use of the assets and resources of the authority.