Latest news with #SouthernSectorDevelopmentProject
Egypt Today
29-05-2025
- Business
- Egypt Today
Egypt's Suez Canal Authority holds meeting with IUMI representatives
The Suez Canal Authority (SCA) officials held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) on May 29, 2025- press photo CAIRO – 29 May 2025: The Suez Canal Authority (SCA) held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) to discuss key developments in the maritime insurance sector and strengthen cooperation between the two institutions. The meeting was chaired by Mr. Frédéric Denefle, President of IUMI; Mr. Lars Lange, Secretary General of IUMI; and Mr. Mohamed Hassan Farghali, Managing Director of the Suez Canal Insurance Company. Several members of the SCA's Board of Directors were also in attendance. Discussions focused on global trends and challenges affecting the maritime insurance sector, particularly in relation to the security situation in the Red Sea region, which has contributed to a noticeable increase in marine insurance premiums for vessels transiting the area. Both parties explored regional opportunities, mechanisms for future cooperation, and ways to enhance risk assessment strategies, especially in light of the positive security indicators emerging in the region. The meeting also reviewed the proactive safety measures undertaken by the Suez Canal Authority to ensure safe and efficient navigation. Egyptian officials reaffirmed the Authority's full commitment to maintaining the highest standards of navigational safety, backed by the Canal's strong safety performance metrics. In 2023, the Suez Canal recorded a navigational emergency rate of just 0.06%, a figure considered extremely low given that the Canal saw its highest annual traffic ever, with 26,434 ships transiting during the year. SCA representatives emphasized the Authority's ongoing efforts to enhance infrastructure and navigational capabilities, citing the success of the Southern Sector Development Project. This initiative has led to a 28% increase in navigational safety by reducing ocean current intensity and improving maneuverability for vessels, while also providing a comprehensive navigational support package. The meeting concluded with a mutual understanding of the importance of continued dialogue and collaboration to support a secure, efficient, and sustainable maritime industry.
Egypt Today
12-05-2025
- Business
- Egypt Today
President Sisi meets Chairman of Suez Canal Authority
CAIRO – 12 May 2025: President Abdel Fattah El Sisi met with Chairman of the Suez Canal Authority Admiral Ossama Rabiee, and CEO of the South Red Sea Shipyard Company, Mostafa El-Degeishy. Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, stated that the President was briefed on developments in Suez Canal navigation, as well as ongoing efforts to maintain the standard of maritime and navigational services, despite current international and regional challenges. This includes the introduction of a package of new navigational services and the completion of projects to develop the canal's navigational course. In this context, the completion of the Southern Sector Development Project of the Canal, which commenced full operation in February 2025, was highlighted, along with the Ismailia Water Treatment Plant, the establishment of which has been finalized with a total capacity of 180,000 cubic meters. This is in addition to the introduction of new maritime units into service. The meeting also reviewed updates on various projects undertaken by the Authority and its affiliated companies, the activities of the Authority's Research Center, progress in the construction of new floating bridges, ongoing dredging operations in Bardawil Lake inlets, and the upgrading of fishing docks. The discussion also focused on efforts to modernize the Suez Canal Authority's maritime fleet through the acquisition of advanced new units to ensure sustained navigational efficiency and safety, while accommodating the increasing demands of global trade. Emphasis was placed on localizing the maritime industries to meet the needs of the canal's waterway and its surrounding areas. Moreover, the meeting also discussed a plan for the construction of deep-sea fishing vessels in Egypt harnessing advanced technology, with the aim of establishing an integrated system for fish harvesting, production, and packaging. The President stressed the importance of enhancing effective communication between the Suez Canal Authority and its clients and strengthening the strategic relationships with major shipping lines and relevant international organizations, particularly in times of crises. President Sisi gave directives to continue the development of maritime and navigational services in accordance with the highest quality standards and emphasized the need to maximize the canal's capacity as a key hub in global trade, while focusing on creating new jobs in the shipbuilding sector.
