Egypt Losing $800 Million Monthly in Suez Canal Revenues Due to Regional Conditions
CAIRO - 19 March 2025: President Abdel Fattah El-Sisi announced that Egypt is losing approximately $800 million per month in Suez Canal revenues due to regional circumstances. He made this statement during the annual Iftar hosted by the Armed Forces, which coincided with the anniversary of the 10th of Ramadan Victory and Martyrs and Veterans Day.
Despite these economic challenges, Egypt has continued to progress with steady and well-planned steps, overcoming obstacles faced over the past 15 years, including global economic crises, the president stated.
El-Sisi emphasized that the Egyptian economy is showing positive indicators, highlighting the International Monetary Fund's (IMF) recent approval of a new funding tranche for the country.
He commended the resilience of the Egyptian people and the strength of the state's institutions, particularly the Armed Forces and the Civil Police, which he described as the backbone of the nation in these exceptional times.
Presidential spokesperson Ambassador Mohamed El-Shinawy conveyed the President's message of reassurance to the Egyptian people, acknowledging their concerns over current events. He noted that this concern reflects their national responsibility and commitment to the country's stability.
El-Shinawy urged for intensified efforts to advance and develop Egyptian society through strategic and well-planned steps.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Today
33 minutes ago
- Egypt Today
Egypt localizes Metro manufacturing, contracts for 189 cars for Alexandria Metro
CAIRO – 9 June 2025: An agreement was signed in Alexandria Governorate to localize and supply 21 metro train units, comprising 189 cars, for the Alexandria Metro project. The project which is currently in its first phase is expected to be extending 21.7 km from Abu Qir Railway Station to Misr Station in Alexandria. The project comes as part of the Ministry of Transport's comprehensive plan to establish a sustainable, green, and environmentally friendly mass transit network in Alexandria, along with plans to localize several industries, rely on local manufacturing, and reduce the import bill. The Metro project units are scheduled to be manufactured at the National Egyptian Railway Industries Company (NERIC). The metro and all types of trains are among the industries the Egyptian government is working to localize. The Ministry of Transport is cooperating with South Korea's Hyundai Rotem, through a partnership with (NERC), to establish a factory for the production of metro trains. The Ministry has contracted with the National Authority for Tunnels to manufacture and localize the production of 40 metro trains, totaling 320 cars, for the second and third lines of the Greater Cairo Metro. The factory is currently being constructed in East Port Said.
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
PM Mourns Fuel Tanker Hero, Orders Honorary Pension & Family Reward
Nada Mustafa Prime Minister (PM) Dr. Mostafa Madbouly has expressed his deep sorrow and condolences over the death of Khaled Mohamed Shoukry, the heroic driver, who lost his life after bravely intervening during a fuel tanker fire at a gas station in 10th of Ramadan City. Shoukry died from injuries sustained while preventing a greater catastrophe, sacrificing himself to save others. PM described the late driver as a symbol of bravery and selflessness, noting that his swift and courageous response helped avert a major disaster, sparing numerous lives and properties. In recognition of Shoukry's sacrifice, Madbouly directed the Ministers of Petroleum and Mineral Resources, and Social Solidarity, to immediately coordinate the disbursement of a generous financial reward and an exceptional pension to his family. He also instructed that his family be formally honored in a manner befitting his heroic act, which, PM affirmed, will remain engraved in the nation's memory. Madbouly further emphasized that the government, and the Egyptian people, deeply value such shining examples of courage and are committed to elevating their status as role models for society. As part of the tribute, Alaa Abdellah, Head of the Urban Development Authority for 10th of Ramadan City, announced that a city street would be named after Khaled Mohamed Shoukry Abdel Aal, immortalizing his name and honoring his noble actions that epitomized the highest standards of bravery and dedication. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Watani
4 hours ago
- Watani
Pope Tawadros II calls Pope Leo XIV
Pope Tawadros II, Patriarch of the Coptic Orthodox Church, made a phone call on the evening of 6 June 2025 to Pope Leo XIV to congratulate him on being elected as Pope, to shoulder the responsibility of leading the Roman Catholic Church. During the call, the two Popes affirmed the continued warm relationship of love between the two Churches of Rome and Alexandria, and the annual celebration of the Day of Brotherly Love between the two Churches on 10 May. Their conversation dealt with the suffering of the people of Gaza owing to war and famine, stressing the urgent need for an immediate end to assaults. They also talked about the issue of Saint Catherine's Monastery in Sinai and the current land dispute with the Egyptian government, expressing appreciation for Egypt's political leadership and the government's affirmation that the 6th-century Orthodox monastery and its monks will always remain protected and unharmed. The call concluded with Pope Tawadros extending an invitation to Pope Leo XIV to visit Egypt and the Church of Egypt. Comments comments Tags: Mariam FarouqPope Tawadros call Pope Leo XIV
