Latest news with #TaarekRefaatOsamaRabie
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Egypt Marks Suez Canal 69th Nationalization Anniversary.. Reaffirms Commitment to Global Supply Chain Sustainability
Taarek Refaat Osama Rabie, Chairman of the Suez Canal Authority (SCA) reaffirmed the canal's strategic role in global trade and its commitment to sustainable and secure navigation, as Egypt marks the 69th anniversary of the nationalization of the Suez Canal. In remarks delivered during a commemorative ceremony, Rabie highlighted the canal's ongoing adherence to international conventions governing free maritime navigation, while underscoring Egypt's unwavering sovereignty over the waterway. 'We are committed to upholding our pivotal role in ensuring sustainability across global supply chains, and we operate in accordance with international charters and treaties, without compromising Egyptian sovereignty,' Rabie stated. The Suez Canal was nationalized on July 26, 1956, a landmark moment in Egypt's modern history that asserted national control over one of the world's most vital maritime corridors. Rabie praised the generations of Egyptian leaders and workers who have managed and modernized the canal since that time. 'We salute the pioneers who led the nationalization and laid the foundations of development. We continue their mission with more dedication and achievement,' he said. The SCA chief noted that canal operations are governed by a robust legal framework, particularly the Navigation Regulations and the 1888 Constantinople Convention, which guarantees freedom of navigation through the canal for all vessels in both peace and wartime. Under Egypt's stewardship, the canal has seen continuous upgrades to maintain its status as the shortest, fastest, and safest maritime route between East and West. Rabie pointed to recent development projects that have enhanced the canal's capacity, navigational safety, and competitiveness. Rabie also extended his gratitude to all SCA personnel and canal pilots, relaying personal appreciation from President Abdel Fattah el-Sisi. He emphasized the professionalism of the canal's pilots, describing them as exemplary ambassadors of Egypt. 'Our pilots have consistently risen to the challenge, demonstrating exceptional dedication under all circumstances. Their professionalism ensures the safety and sustainability of navigation through the canal,' he added. As global shipping continues to face mounting challenges, from geopolitical disruptions to climate-related vulnerabilities, the Suez Canal remains a critical artery for international trade, handling over 12% of global commerce annually. Egypt's reaffirmation of its commitment to international maritime norms, coupled with continued investment in canal infrastructure, is seen as a signal to global partners that the Suez Canal will remain a reliable, neutral, and efficient trade route in an increasingly complex world. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
Red Sea Situation Suitable for Gradual Return of Ships to Suez Canal, Says SCA Chairman
Taarek Refaat Osama Rabie, Chairman of the Suez Canal Authority, participated on Saturday in a major symposium organized by the Egyptian Maritime Association under the title: "Challenges Facing the Suez Canal in Light of Regional and International Changes." In his opening remarks, Rabie noted that the escalating security tensions in the Red Sea and Bab el-Mandeb Strait have significantly impacted shipping traffic through the Suez Canal, forcing many shipping lines to change their routes and resort to the Cape of Good Hope route. This has led to increased travel times and higher operating costs, which has negatively impacted global inflation rates. The chairman of the authority explained that the Suez Canal has adopted a flexible approach to dealing with the repercussions of the crisis, through direct communication with international shipping companies to study the possibility of modifying their sailing schedules and coordinating the gradual return to transiting the Canal. He noted that the security situation has improved, allowing for the gradual resumption of shipping traffic through the Canal. He also added that the Authority has responded to requests from some shipping lines by offering incentives and discounts of up to 15% for vessels with a capacity exceeding 130,000 tons, for a period of three months. This step aims to ease their financial burdens and encourage them to re-include the Suez Canal in their shipping routes. He concluded by emphasizing that the current crisis has proven the importance of the Suez Canal as an indispensable shipping route, given the time and cost savings it provides, as well as the comprehensive maritime and logistical services it provides—advantages that the alternative route via the Cape of Good Hope lacks. In his speech, Major General Samir Farag emphasized that the Egyptian state's neutral stance regarding the situation in the Red Sea has strengthened confidence in the Suez Canal as a safe and neutral international passageway, contributing to the stability of global supply chains and trade. He emphasized that the Canal will remain the most efficient and feasible shipping route despite attempts to develop alternative routes. On his part, Khaled Abu Bakr, Advisor to the Chairman of the Authority for Legal and International Affairs emphasized that the Suez Canal is subject to international agreements that render it neutral regarding political disputes and conflicts, which strengthens its position as an international shipping lane that enjoys the trust of customers and international partners. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple 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
