Egypt's Sisi says military to oversee seaside ship firm due to security reasons

Egyptian President Abdel-Fattah al-Sisi said on Saturday that the military will oversee the development of the insolvent ship manufacture and maintenance company at the seaside province of Alexandria due to security reasons.

He made the remarks while addressing the inauguration ceremony of the state-owned Alexandria Shipyard company.

"For security reasons, the Alexandria Shipyard had to be within the control of the state, so the Armed Forces were approved to handle it," Sisi added.

The Egyptian president also said that his government is going to press on with the fight against corruption, and development of other state-run insolvent firms.

"Corruption breaks the spirits of the people and makes them feel there is no hope," Sisi warned, adding that turning a deaf ear to something wrong at work is also a kind of corruption.

The Alexandria Shipyard inauguration ceremony was attended by Prime Minister Ibrahim Mahlab, Defense Minister Sedqi Sobhi, Military Chief of Staff Gen. Mahmoud Hegazi, as well as other ministers, public figures and investors, including head of China State Shipbuilding Corporation. Endit