Latest news with #ExcellenceDay
Egypt Independent
19-04-2025
- Business
- Egypt Independent
PM: Egypt seeks in coordination with regional, int'l partners to maintain security, stability in region
ISMAILIA, Egypt, April 16 (MENA) – Prime Minister Mostafa Madbouly said Egypt has shown understanding of the political and economic repercussions of the escalating geopolitical situation in the Red Sea region which posed a major threat to international navigation and affected the Suez Canal revenues. Egypt has not taken any measures contradicting its regional role, however it took effective steps to solve the root causes of the crisis politically, he said. The premier added that Egypt is closely following up on conditions in the region and seeks, in coordination with regional and international partners, to maintain the security and stability of the region and ensure that the Suez Canal will continue to play its pivotal role as the main artery of international trade in such a watershed stage. The premier made the remarks during the Suez Canal Authority's celebration of 'Excellence Day' on the New Suez Canal banks in the presence of a number of ministers, governors, and ambassadors of the EU member states. He said since the launch of the New Suez Canal in August 2025, non-stop efforts were exerted, thus realizing a leap in the waterway's development projects. He highlighted President Abdel Fattah al-Sisi's continued support for building the human and technical capabilities of the authority, adding that this was the main catalyst for the authority to overcome hard situations and consecutive crises. He added that there is an unprecedented security crisis in the Red Sea which caused drop in the canal's navigation rates and revenues. He expounded that this has burdened the Egyptian state as the Suez Canal is the most important source of hard currency. Madbouli said there is a major change in the Suez Canal's activities and services, the scope of its partnerships, as well as its openness to the world. He added that the Suez Canal has begun introducing and expanding new services, such as ship maintenance and repair services at the authority's shipyards, marine ambulance services and crew replacements, as well as the safe and sustainable collection and removal of waste from ships transiting the Canal. This falls within the framework of the authority's efforts to achieve green transition by 2030. He referred to a cooperation deal between the Suez Canal Authority and the Greek company Antipollution, one of the largest waste management companies in Greece and the Mediterranean. He highlighted the state's efforts to lure more foreign investments and engage in partnerships with major international companies. He invited ambassadors of the EU and partners of success of the bodies concerned with the maritime transport industry as well as maritime and logistic services to invest in the Suez Canal for the Suez Canal and the Suez Canal Economic Zone to become a global platform for maritime and logistic services. The prime minister added that the Suez Canal Authority is also working on strengthening national partnerships to localize the industry of building maritime units and tourist yachts. He underlined the keenness of President Abdel Fattah al-Sisi and the government to support development efforts of the waterway and its maritime services in addition to upgrading the maritime fleet in order to keep the Suez Canal at the top of international waterways. (MENA)
Egypt Today
17-04-2025
- Business
- Egypt Today
Egypt's Suez Canal revenues go down by 61% to $3.9 billion in 2024 due to Red Sea tensions
CAIRO – 17 April 2025: The Suez Canal's revenues decreased by 61 percent to $3.991 billion in 2024 from $10.250 billion in 2023 due to the ongoing tensions in the Red Sea and Bab al-Mandeb due to the escalation between the US/Israel and Yemeni Houthis, announced Suez Canal Authority (SCA) Chairman Osama Rabie during the SCA's "Excellence Day" celebration on Wednesday. Rabie noted that a total of $39.919 billion is the value of the Suez Canal revenues over the period between 2019 and 2024 as the revenues have been negatively impacted by several crises like the Covid-19 pandemic, the grounding of the Ever Given Ship in the canal, and the ongoing tensions in the Red Sea and Bab al-Mandeb. The canal has garnered $5.804 billion in 2019 and $5.606 billion in 2020, increasing to $6.334 billion in 2021 and $7.934 billion in 2022, reaching its highest annual revenue in history of $10.250 billion in 2023. Rabie added that the number of vessels passing through the Suez Canal slightly increased in March 2025 by 2.5 percent compared to January 2025. He explained that the number of transiting vessels increased by 2.4 percent in March while the net ship tonnage increased by 7.1 percent, noting that the revenues also increased by 8.8 percent, compared to January 2025. As for the revenues, the Canal gained $335.6 million in March compared to $308.5 million in January 2025. 'The escalating challenges in the region did not prevent the Suez Canal from continuing to provide its navigational and maritime services and implementing its ambitious strategy,' Rabie stressed. He also pointed out that the Suez Canal exerts efforts to be a regional center for providing various maritime and logistical services. Rabie further stated that the Suez Canal has completed the Southern Sector Development Project, which aims at expanding the southern entrance of the canal. This project enhances navigational safety and reduced impacts of water currents on transiting vessels. Moreover, the canal's capacity has increased by an average of 6-8 vessels. At the conference, Rabie announced the Suez Canal Authority's first eco-friendly services of collecting solid waste from the transiting vessels, in cooperation with Greece's V Group, in a step towards announcing a green canal by 2030. The Suez Canal Authority's "Excellence Day" was attended by Prime Minister Mostafa Madbouly, Minister of Environment Yasmine Fouad, and Minister of Local Development Manal Awad. The celebration was held to announce the authority's launch of a number of maritime services, memoranda of understanding, and new projects. During the celebration, the SCA announced the inauguration of the floating Bentonite (floating concrete) factory, the opening of the Suez Canal Academy for Creativity and Excellence, and the signing of a memorandum of understanding with Spain's Tejedor Lazaro Group specialized in farming, management, and operation of fish and shrimp farms, and the feed industry.
Middle East
16-04-2025
- Business
- Middle East
OPEN// PM calls for resumption of global shipping via Suez Canal
CAIRO, April 16 (MENA) – Prime Minister Mostafa Madbouli said maritime security in the Red Sea has stabilized, with no attacks on commercial vessels since December, and called on the international community to resume full shipping activity through the Suez Canal. During a meeting with foreign ambassadors in Ismailia, he called for renewed confidence in the region's safety and urged them to convey information about the current security situation to their governments and companies. The meeting was held during the Suez Canal Authority's 'Excellence Day' event, which reviewed the canal's development over the past decade. Madbouli said that the Suez Canal remains one of the world's most important trade routes and a symbol of Egypt's national pride and sovereignty. He noted that recent regional tensions have highlighted the canal's strategic value and its impact on global trade flows. The premier also invited foreign companies to invest in the Suez Canal Economic Zone, pointing to its competitive advantages and investor-friendly incentives. (MENA) H A T/R E E
Middle East
16-04-2025
- Business
- Middle East
OPEN// ICS head hails Egypt's vision on becoming green fuel production hub at competitive prices
ISMAILIA, Egypt, April 16 (MENA) - Secretary General of the International Chamber of Shipping (ICS) Guy Platten hailed Egypt's vision on becoming a hub for green fuel production at competitive prices. He said the availability of new kinds of fuel free of emissions is very important in maritime transport industry, which, he added was discussed by the Marine Environment Protection Committee of the International Maritime Organization as a serious challenge. That came as Prime Minister Moustafa Madbouli was participating in the celebration held Wednesday by the Suez Canal Authority to commemorate "Excellence Day" and announce the launch of several maritime services. A number of memorandums of understanding were signed with partners of success and new projects. He said a historic deal was reached on a global mechanism for the pricing of shipping global greenhouse gas emissions. Accompanying the Prime Minister on his field tour of the service projects in the governorate were Dr. Ashraf Sobhi, Minister of Youth and Sports, Dr. Manal Awad, Minister of Local Development, Major General Pilot Akram Mohamed Galal, Governor of Ismailia, and Engineer Ahmed Essam El-Din, Deputy Governor. During this field tour, the Prime Minister inspected the developed permanent international youth camp "Camp Al-Qarsh" in Ismailia, as well as the urban market in the First District of Ismailia City. In this context, Madbouly confirmed his keen interest, while participating in the celebration held today by the Suez Canal Authority on "Excellence Day", in following up on several developed projects that serve the residents of Ismailia Governorate, especially the youth in the international camp. He also highlighted the provision of logistical services and modern infrastructure that benefit investors regarding the urban market, affirming that the government has clear objectives to provide service and development projects in various governorates to improve the quality of life for the Egyptian citizen The Prime Minister was accompanied at the celebration by Dr. Yasmine Fouad, Minister of Environment, Dr. Manal Awad, Minister of Local Development, Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, Major General Pilot Akram Mohamed Galal, Governor of Ismailia; Walid Gamal El-Din, Chairman of the General Authority for the Economic Zone of the Suez Canal, Engineer Ahmed Essam El-Din, Deputy Governor, and several ambassadors. (MENA) Y R E/R G E
Egypt Today
16-04-2025
- Business
- Egypt Today
Suez Canal Revenues Plunge 61 Percent due to global escalation
CAIRO - 16 April 2025: Suez Canal revenues experienced a steep drop of 61 percent in 2024, falling to $3.9 billion compared to $10.2 billion the previous year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA). The announcement was made during the "Excellence Day" celebration, an event that also marked the launch of new maritime services and the signing of multiple memoranda of understanding with strategic partners for future projects. Rabie reported that the net tonnage of vessels transiting the canal decreased significantly by 66.5 percent, reaching 525 million tons in 2024, down from 1.68 billion tons in 2023. Similarly, the number of ships passing through the canal was cut in half, with only 13,213 vessels recorded in 2024 compared to 26,434 the previous year. Despite these challenges, Rabie highlighted a major operational achievement: the successful completion of the Southern Sector development project, which includes both an expansion and a dual-lane upgrade. This milestone is expected to enhance navigational safety, reduce the effects of strong water currents on passing ships, and raise the canal's capacity by an additional six to eight vessels per day. Amid rising geopolitical tensions, the SCA has remained resilient, continuing to provide essential navigation and maritime services without interruption. Rabie emphasized the Authority's unwavering commitment to its comprehensive development strategy, which includes expanding the canal's waterway and modernizing its fleet. These infrastructure upgrades are complemented by a broader effort to elevate service quality and introduce previously unavailable offerings—positioning the Suez Canal as a competitive regional hub for maritime and logistics services. To that end, the canal's fleet has been reinforced with 23 new and advanced marine units in recent months, enhancing operational efficiency and ensuring safe passage amid growing global trade demands. Among the newly launched services are maritime rescue operations, emergency medical response at sea, pollution management, vessel repair and maintenance, fuel supply, and crew replacement—significantly expanding the canal's service capabilities and value proposition to global shipping lines.
