A shareholders agreement among Suez Canal Authority, Greek V Group of companies (owner of Antipollution), and Egyptian-Greek businessman Eric Adam has been signed to setup "Antipollution Egypt Company".

This will be a new joint stock company to collect and recycle solid and liquid waste. H.E. Dr Mostafa Madbouly, Prime Minister, witnessed the signing of the agreement in the presence of Admiral Ossama Rabiee, Chairman of the Suez Canal Authority.

Among others, Dr Yasmine Fouad, Minister of Environment, Eng Tarek El Molla, Minister of Petroleum and Mineral Resources, and Mr Walid Gamal El Din, Chairman of the SCZone, and the General Consul of Greece in Cairo, were also present at the event.

The terms of the Agreement stipulate the establishment of an Egyptian joint stock company in partnership between the Suez Canal Authority represented by each of the Canal Rope Company, the Suez Shipyard Company (two of SCA affiliated companies), the Greek V Group of companies (which owns the Greek company Antipollution), and the Egyptian-Greek Businessman Eric Adam.

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The company will aim at adding a new service within the spectrum of the logistic services provided to the vessels transiting the Canal in accordance with the latest international environmental standards.

H.E. Dr Madbouly said the partnership provides new logistical services for the vessels transiting the Suez Canal, which is deemed to be a significant addition that supports the development of the maritime logistics services provision system, maximizes the benefit from the navigational course of the Suez Canal and the surrounding area.

"It integrates with the efforts of the Egyptian state to support the economy by attracting more foreign investments and providing job opportunities for youth," H.E. said.

The Prime Minister added that the service of collecting and recycling solid and liquid waste enhances the efforts aiming to localize industries and environmentally friendly activities in order to achieve the goals of sustainable development, and is also a result of the strategy adopted by the government to develop the concept of the "Blue Economy".

Admiral Ossama Rabiee affirmed that the Suez Canal is proceeding forward towards implementing an ambitious strategy to diversify its income streams and maximize the benefit of its assets and affiliated companies through its orientation towards adding new activities and expanding partnerships.

"Exchange of experiences, transfer of advanced technology, achievement of integration and keeping pace with the market requirements and development needs have been hey to the canal's achievements," Admiral Rabiee said.

SCA Chairman explained that the provided service of the new company is fully aligned with SCA's orientation towards the green transformation in preparation for announcing the Suez Canal as "Green Canal" by 2030.

He pointed to the diversification of the company's services to provide a range of environmentally friendly logistical services including the collection of solid and liquid waste from the transiting vessels in the canal, in addition to establishing a waste recycling plant, then establishing another plant to generate electricity and produce green hydrogen.

On the other hand, Mr Vyron Vasileiadis, the Chairman of V Group of Companies, which owns the Greek company "Antipollution", expressed his happiness with the cooperation with the Suez Canal Authority.

He stressed that this partnership represents a new era in the history of the Greek-Egyptian bilateral relations in a new field related to achieving environmental sustainability and investing this cooperation to maintain the leading position of the Suez Canal in the field of maritime industry, in addition to achieving carbon neutrality, and ensuring safe disposal of waste.

The Egyptian-Greek businessman Eric Adam, confirmed that the new company will play an important role in the Suez Canal region to embody a partnership not only at the level of companies or institutions, but rather a constructive partnership between Greece and Egypt, expressing his aspiration for what the cooperation will result in creating added value through launching the solid and liquid waste collection service for the first time in the Suez Canal.

The Agreement was signed by Eng. Yasser Abdel Latif Hegazy, Chairman of Canal Rope Company, Eng. Ahmed Mohamed Reda Shendi, Chairman of Suez Shipyard Company, Mr. Anastasios Vourgas on behalf of the Greek company, and the Egyptian-Greek Businessman Eric Adam.

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