The Egyptian presidency statement did not directly refer to the Houthis, but Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024. The Yemeni group recently vowed to resume attacking U.S. vessels in the Red Sea, in...
"We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion," he added. The canal is a major source of foreign currency for the country. Attacks by the Iran-backed Houthis have led shipping firms to divert ...
Egypt’s Suez Canal revenue plunged by almost half in January, a top official said, after attacks by Yemeni militants on Red Sea vessels forced major shipping firms to avoid the waterway. Income was about $428 million in January 2024, compared with $804 million for the same period ...
Revenues from the Suez Canal stood at $434.8 million in January, the state news agency said on Saturday, down from $445.5 million in December. The fastest shipping route between Europe and Asia is one of Egypt's main sources of foreign currency. A major expansion of the 145-year-old ...
Egyptian Minister of Finance, Mohamed Maati, announced that the debt-to-GDP would reach 97%, a huge 16.8 percent increase from a year earlier, and a sign that the economic slowdown was inevitable as rising interest rates and the weak Egyptian pound swallowed up much of the incoming revenue....
CAIRO, July 4 (Xinhua) -- Egypt's Suez Canal Authority (SCA) on Monday reported record-breaking revenue of seven billion U.S. dollars for the fiscal year 2021/2022, up 20.7 percent from a year earlier. "The income is the highest figure ever recorded and is over a fifth higher than ...
doi:urn:uuid:d7c5ac2dc5b4a310VgnVCM100000d7c1a8c0RCRDStraddling one of the world's great sea routes, the Suez Canal corridor is set to become a bridge connecting Africa with Asia if a grand plan by Egypt's new government comes to fruition.Patrick WerrFox Business...
Egypt – Suez Canal signs $15,6bn deal for green hydrogen manufacturing. Egypt’s Suez Canal Economic Zone has signed a $15.6 billion agreement with prominent Chinese companies to boost green fuel manufacturing initiatives. The agreements are set to produce around 9,000 job opportunities and encom...
The Suez Canal is a major source of both revenue and national pride for Egypt. It was built in the 19th century, and until Egypt's independence, it was owned by the Ottoman Empire but operated by a mostly French- and British-owned company. When Egypt's president nationalized the canal i...
Egyptian ground-broadcast television (ETV) is government controlled and depends heavily on commercial revenue. ETV sells its specially produced programs and soap operas to the entire Arab world. In addition to Egyptian programming, the Middle East Broadcast Company, a Saudi television station transmittin...