Latest news with #Sadaal-Balad
TimesLIVE
13-05-2025
- Business
- TimesLIVE
Egypt's Suez Canal mulls discounts on transit fees to bring back traffic
Egypt's Suez Canal Authority chief, Osama Rabie, says the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen's Houthis on Red Sea shipping. Rabie told privately owned Sada al-Balad television channel in a phone interview that the discounts could be applied within days after a ratification by Egyptian President Abdel Fattah al-Sisi. He spoke after revenue from the canal continued to plunge on the back of attacks on shipping by Yemen's Houthis, who say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but who are also chasing ships away from the canal. Revenue from the Suez Canal, a key source of foreign currency for Egypt, plummeted to $880.9m (R16.11bn) in the fourth quarter from $2.40bn (R43.90bn) a year earlier, the victim of Houthi attacks, central bank figures showed earlier this month. Last week Rabie met with representatives from shipping agencies who called for temporary incentives that would help offset increased insurance costs for vessels operating in the Red Sea, which they deemed a high-risk zone. The meeting followed an Oman-mediated ceasefire between the US and the Houthis, under which the US agreed to stop bombing the Houthis in Yemen in return for the group agreeing to stop attacking US ships. The accord with the Iran-backed group does not include Israel
Egypt Independent
13-05-2025
- Business
- Egypt Independent
Suez Canal mulls 15% discount on transit fees, authority chief
The Chairman of the Suez Canal Authority in Egypt, Osama Rabie, on Monday announced that a study is now underway into providing a 15 percent reduction in transit fees for some companies for a specific period. During an interview with Ahmed Moussa's TV show 'Ala Massoulity' (On My Responsibility) on the privately-owned satellite channel Sada al- Balad, Rabie explained that this study aims to encourage more ships to use the Suez Canal. Rabie anticipates the decision to be formally announced in the coming days following Egyptian President Abdel Fattah al-Sisi's approval. He assured that the Suez Canal Authority is constantly working to achieve maximum economic benefit and enhance confidence in the global waterway. The transit of any number of ships through the Suez Canal will be a boon for the Egyptian state, he said. He added that 30 ships currently transit the canal daily for a global French shipping agency, indicating that the canal continues to operate despite regional tensions. Rabie explained that international shipping companies are awaiting a return to calm in the Red Sea region so that ships can resume normal transit through the Suez Canal. Jordan has requested the Suez Canal Company to manufacture a large launch for it, he said, noting that work on implementing this project is currently underway.
Time of India
13-05-2025
- Business
- Time of India
Egypt's Suez Canal mulls discounts on transit fees to bring back traffic
Live Events CAIRO: Egypt's Suez Canal Authority chief, Osama Rabie , said the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen's Houthis on Red Sea told privately owned Sada al-Balad television channel in a phone interview that the discounts could be applied within days after a ratification by Egyptian President Abdel Fattah spoke after revenue from the canal continued to plunge on the back of attacks on shipping by Yemen's Houthis, who say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but who are also chasing ships away from the from the Suez Canal, a key source of foreign currency for Egypt, plummeted to $880.9 million in the fourth quarter from $2.40 billion a year earlier, the victim of Houthi attacks, central bank figures showed earlier this week, Rabie met with representatives from shipping agencies who called for temporary incentives that would help offset increased insurance costs for vessels operating in the Red Sea, which they deemed a high-risk meeting followed an Oman-mediated ceasefire between the United States and the Houthis, under which the U.S. agreed to stop bombing the Houthis in Yemen in return for the group agreeing to stop attacking U.S. ships. The accord with the Iran-backed group does not include Israel.
Business Insider
13-05-2025
- Business
- Business Insider
Egypt considers discount on Suez Canal transit fees to boost traffic
Egypt's Suez Canal Authority is considering transit fee discounts of 12% to 15% to revive traffic through the key waterway, which has been severely affected by ongoing regional attacks. The Suez Canal Authority considers transit fee discounts of 12%-15% to boost maritime traffic. Regional attacks have impacted traffic, particularly due to Yemen's Houthis targeting vessels in the Red Sea. The Suez Canal usually handles 15% of global trade, and disruptions have increased shipping costs. Egypt's Suez Canal Authority is considering transit fee discounts of 12% to 15% to revive traffic through the key waterway, which has been severely affected by ongoing regional attacks. Yemen's Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel. These attacks have led to a decline in traffic through the Suez Canal, the shortest maritime route between Asia and Europe, which typically handles about 15% of global trade. As a result, shipping costs have risen. In a phone interview with the privately owned Sada al-Balad television channel, Suez Canal Authority chief Osama Rabie said the proposed discounts could be implemented within days, pending approval from President Abdel Fattah al-Sisi, according to Reuters. Economic impact His comments came after the Suez Canal's revenue plunged to $880.9 million in the fourth quarter of 2024, down sharply from $2.4 billion a year earlier, according to Egypt's central bank. President Sisi estimated in December that disruptions to the Suez Canal could cost Egypt around $7 billion in lost revenue in 2024. The Suez Canal is a vital source of foreign currency for Egypt, and the downturn in traffic has raised alarms about the country's economic stability.
Egypt Independent
18-04-2025
- Health
- Egypt Independent
Famous restaurants and dessert chains shut down across Egypt in food safety crackdown
Several Egyptian governorates have witnessed intensive inspection campaigns carried out by the regulatory bodies of the Food Safety Authority and the Ministry of Supply, resulting in the closure of a number of branches of well-known dessert chains, Sada al-Balad reported. In Gharbia Governorate, five branches of the 'Balaben' chain in Tanta city were closed after failing to complete the necessary legal papers and documents for operation. It was also found that these branches did not comply with the required health standards. In Giza Governorate, the campaign included the closure of 12 branches belonging to the 'Balaben,' 'Karm El Sham,' and 'Konafa w Basbousa' chains, which are widespread throughout the governorate. These branches were found to be operating without proper licenses. The campaign also extended to Port Said Governorate, where authorities closed the 'Balaben' branch located in the eastern district of Port Said due to its failure to meet official requirements. Cairo Governorate also closed two branches each of 'Balaben,' 'Wahmy Burger,' 'Konafa w Basbousa,' and 'Karm El Sham' on Abdel Khalek Tharwat Street in the downtown area. Officials from the Food Safety Authority affirmed that these measures come within the framework of ongoing monitoring plans to ensure food establishments comply with regulations and laws. They emphasized the importance of these campaigns in maintaining citizens' health and food safety.
