Latest news with #SuezCanal
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Cairo Intensifying Efforts to Restore Normal Traffic in Suez Canal
Egypt is intensifying its efforts to return traffic in its Suez Canal back to normal in wake of the hit revenues have taken because of the attacks by the Iran-backed Houthi militias in Yemen on international shipping in the Red Sea and Gulf of Aden. Egyptian Foreign Minister Badr Abdelatty discussed Suez Canal traffic in a telephone call with his Dutch counterpart Caspar Veldkamp. Veldkamp hoped the recent ceasefire agreement between Yemen and the US would positively impact navigation in the Red Sea and Suez Canal. Abdelatty said Veldkamp stressed the Netherlands' readiness to encourage Dutch companies to resume navigation in the Red Sea and the Suez Canal, helping restore normal traffic levels. Revenue 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 in May. Egypt's Suez Canal Authority chief, Osama Rabie, said in May the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway. 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 does not include Israel. Abdelatty and Veldkamp also exchanged views on the latest developments in the Middle East region, particularly the catastrophic situation in Gaza.
The National
26-05-2025
- Business
- The National
Egypt seeks closer US economic ties but Gaza tensions linger
Egypt is seeking to build closer economic ties with the US even as simmering tensions over the Gaza war continues between the two countries. The two-day US-Egypt Policy Leaders Forum in Cairo brought together American and Egyptian business leaders who discussed the possibility of bilateral deals and economic opportunities. But while the forum sends a strong signal of economic co-operation, it is entirely detached from the political discord over Gaza, said Karim El Omda, an economic analyst. 'The discord in relations between both sides over Gaza is quite evident at the summit,' Mr El Omda told The National on Monday, highlighting the absence of key figures involved in Gaza-related negotiations. 'Officially, the forum is being held to boost relations, but those relations are framed through strictly economic terms this time,' he said. Egyptian President Abdel Fattah El Sisi did not attend the sessions, nor did the intelligence chief or a representative of the military, two of the state actors most-involved in Gaza negotiations. Mr El Sisi did host a group of US chief executives for closed-door talks on Monday and a communique issued by his spokesman emphasised his readiness to co-operate with American businesses across various economic sectors. The President also proposed the establishment of a US industrial zone in the Suez Canal Economic Zone and highlighted Egypt's strategic location as a gateway to African, Arab and European markets. At the event, Prime Minister Mostafa Madbouly, who led the Egyptian delegation, also emphasised the importance of private-sector growth. Recent reforms, such as the State Ownership Document, are aimed at reducing the state's role and boosting foreign investment, he said in his opening speech. Meanwhile, the US side featured a delegation of 55 senior executives representing 42 major American companies including Kraft Heinz, IBM and General Motors. 'Egypt's strategic location, diversified economy and continued push for digital transformation make it a prime partner for US investment,' Suzanne Clark, president and chief executive of the US Chamber of Commerce, said at the event. The forum featured several outcomes aimed at boosting bilateral trade and investment. Among the most significant was a decision by Mr Madbouly to reduce fees required by importers of US meat products to obtain halal certifications from the government. Authorities have also decided to 'ease restrictions' on the import of fully-assembled American cars into the Egyptian market. Both measures were praised by the US ambassador to Egypt, Herro Mustafa Garg. 'The government has taken bold steps to remove long-standing, non-tariff market barriers to American exports," she said. "This represents a significant win for both our countries, for our companies and for our people." A 'historic customs deal' between Cairo and Washington was anticipated in the near future, she said in her speech, but did not share any further details. The forum's focus on economics, however, underscores the widening gap in US-Egypt political relations. Tensions have been simmering since the start of US President Donald Trump's second term, which began with the announcement of a controversial plan to annex Gaza and relocate Palestinians to Egypt and Jordan – a proposal both countries rejected. The war in Gaza, which erupted on October 7, 2023, has since claimed nearly 54,000 lives, according to Gaza Health Ministry figures. An Israeli aid blockade imposed in March exacerbated an already catastrophic situation, causing widespread starvation over the past two months that has been repeatedly decried by international organisations. Although aid shipments resumed last week, the UN has warned they fall far short of humanitarian needs. Images of starving Gazans storming aid deliveries last week have sparked global outrage, with the UN calling this phase of the war the 'cruellest yet'. Egypt has been a vocal critic of the US's handling of the Gaza conflict, particularly its perceived bias towards Israel. Mr Trump's later demand for US ships to pass through Egypt's Suez Canal free of charge further alienated Cairo, which has repeatedly called for fairer US mediation in the Middle East. Mr El Omda said the agenda and attendees at the two-day event in Cairo provided a strong indication that the forum separated the political from the economic. 'The political issues which have soured Egypt's relations with the US since Trump came to power have not yet been resolved," he said. Mr Trump's recent Gulf tour, which many hoped would help ease tensions, failed to address Egypt's concerns over Washington's perceived bias towards Israel. 'That is not surprising since GCC [Gulf Co-operation Council] countries have different priorities with regards to the war in Gaza than Egypt, which shares borders with the enclave and has seen its economy severely impacted by the war,' Mr El Omda added. Looking ahead, Egyptian officials have made it clear that economic recovery remains a top priority. More than 1,800 US companies operate in Egypt, with total investments exceeding $47 billion. Bilateral trade between the two nations reached $8.6 billion in 2024, making Egypt the US's fifth-largest trading partner in the region. 'Egypt will not allow political discord to derail its economy at the present time, especially as the country's external debts mount and its economic position looks more precarious,' Mr El Omda said. Meanwhile, Mr Trump's approach to the region, often characterised by grand promises (or threats) that are later scaled back, suggests the US is unwilling to sacrifice its economic ties with Egypt over political disagreements, he added.
Zawya
26-05-2025
- Business
- Zawya
Egypt ready to host US industrial zone at SCZone: El-Sisi
President Abdel Fattah El-Sisi unveiled that Egypt is looking forward to hosting an American industrial zone in the Suez Canal Economic Zone (SCZone), Spokesman for the Egyptian Presidency Mohamed Ibrahim Abdel Khaleq El-Shennawy announced. El-Sisi's remarks came during a meeting with an American delegation, headed by the US Chamber of Commerce President Suzanne Clark and Apache American Oil Company's CEO John Christmann. He affirmed that Egypt is ready to provide all necessary facilities to American investors in all economic areas of mutual interest, according to El-Shennawy. This also comes in line with US President Donald Trump's support for enhancing joint cooperation between Egyptian and American companies. Finally, El-Sisi emphasized Egypt's aspiration to become a major industrial hub for American industries, as it is a large market and gateway to the Arab world and the African continent. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Independent
26-05-2025
- Business
- Egypt Independent
Economist says Egypt's debt servicing bill exceeds 50% of public spending
Economic expert Nermin Tahoun said that Egypt's debt servicing bill currently exceeds 50 percent of public spending, which poses a major challenge for the state. She added that the Finance Ministry's announcement of a primary surplus of 3.1 percent of GDP from the July 2024-April 2025 period strongly indicates improved public financial management, and provides greater confidence in the government's ability to adhere to the path of economic reform. This surplus, the highest in Egypt's history, is equivalent to nearly LE600 billion and comes at a highly sensitive time, as the global economy is experiencing inflationary pressures and a decline in capital flows to emerging markets. Tahoun explained that this achievement was made despite a decline in revenues from some vital sectors, such as the Suez Canal and the petroleum sector, while Suez Canal revenues declined by approximately 40 percent during the first quarter of 2025. This reflects the effectiveness of fiscal policies in compensating for the loss by improving tax collection efficiency and controlling public spending, she explained. Tahoun said that this surplus supports the state's ability to finance basic expenditures without the need to borrow to finance the current deficit, contributing to reducing pressure on public debt. While praising the results, Tahoun emphasized that 'achieving a primary surplus is a positive step, but the most important thing is to continue achieving it sustainably.' The government must strike a delicate balance between achieving fiscal discipline and stimulating economic growth, she said, especially since the current growth rate—estimated at between 3.5 and four percent—is still below long-term targets. Tahoun concluded by saying that the focus during the next phase should be on deepening local production, attracting foreign direct investment, and expanding the social protection umbrella to ensure that positive indicators are reflected in improved quality of life, not just overall indicators. Edited translation from Al-Masry Al-Youm
Russia Today
25-05-2025
- Politics
- Russia Today
Nasser's grandson warns of US-led neocolonialism
The US has evolved from a former colony into a leading neocolonial power, Gamal Abdel Nasser Jr. has told RT. In an exclusive interview ahead of International Africa Day, the grandson and namesake of Egypt's second president and leader of the 1952 Revolution warned that today's empires no longer rely on direct conflicts, but dominate through international institutions, sanctions, and economic control. According to Nasser, the legacy of anti-colonial resistance must be revived in the face of modern Western domination, which disguises itself under terms like 'progress', 'human rights', and 'globalization'. 'My grandfather shattered the myth that the West's authority was absolute,' he said, recalling how the 1956 nationalization of the Suez Canal was not just about infrastructure, but about 'reclaiming national dignity' and challenging imperial power. 'He broke the mental monopoly that had long told our people they cannot resist… cannot rule their own destiny.' He went on to say that 'a new form of dominance' has returned through media, schools, and international institutions that dictate values and erase cultural heritage. He argued that today's Western 'globalist elites' have replaced the colonial powers by telling nations how to live, what to believe, and trying to 'rewrite culture, biology, and morality.' He stressed that the US – once a colony – has now inherited the role of imperial enforcer, particularly in the Middle East and Africa. Nasser accused Washington of using international policy, sanctions, and military operations to intimidate or replace those who have power to suit its own needs. He went on to say that every recent US campaign in the region has been linked to natural resources, including in Iraq, Afghanistan, Libya, Syria, and Gaza, which US President Donald Trump recently suggested turning into a Middle Eastern Riviera under Washington's control. According to Nasser, these are all examples of resource-driven agendas masked as humanitarian intervention. 'The notion that America could just own a sovereign territory further adds to the suspicion that there is a strong neocolonial tendency on the part of the US and its old colonial allies,' Nasser said, adding that this new Western 'tyranny... will one day collapse.' 'The revolutionary spirit must rise again… A new generation is awakening, proud of their roots, unafraid to speak, and unafraid to think freely. The monopoly of minds, like the colonialism before it, will surely fall. And when it does, the world will remember that freedom begins with the courage to say no,' he stated.
