President Abdel Fattah El Sisi issued on Thursday a decree amending some provisions of Law number 124/1963 to grant the Suez Canal Authority the right to establish joint-stock companies.

The decree was published today in the official Gazette.

Previously, the Suez Canal Authority had powers that included managing and maintaining the canal and imposing navigation tolls.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.