Suez Canal

SCEZONE inks usufruct contract with Turkish company worth $40 mln

The Suez Canal Economic Zone (SCEZONE) announced on Tuesday inking a land usufruct contract of 65,000-square-meter area with the Turkish company of Eroglu Egypt for ready-made clothes at investments worth $40 million . The contract was inked by Head of the Suez Canal Economic Zone (SCZONE) Walid Gamal Eldin and Chairman of the company Ömmet …

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Egypt Independent May 29, 2024

SCZone successfully attracts 128 projects worth US$6 billion within two years

The Suez Canal Economic Zone (SCZone) in two years has successfully attracted 128 projects worth six billion dollars, of which Chinese investments represent 40 percent. The Chairman of the General Authority of the SCZone Walid Gamal-Eddin said that it was the fruitful cooperation with industrial developer TEDA-Egypt that served as the starting point that built …

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Egypt Independent May 18, 2024

Egypt: Suez Canal revenues plunge by almost half following Red Sea attacks

Egypt: Suez Canal revenues plunge by almost half following Red Sea attacks Attacks by the Houthis in support of Gaza

Middle East Eye February 6, 2024

Egypt’s credit outlook revised to ‘negative’, as Red Sea attacks hit Suez Canal revenues

Egypt’s credit outlook revised to ‘negative’, as Red Sea attacks hit Suez Canal revenues Rating’s agency Moody’s cuts credit outlook

Middle East Eye January 20, 2024

Worldwide leading container shipping company Evergreen notifies Suez Canal of return to the Red Sea

The Taiwan-based company Evergreen Group sent a notification to the Suez Canal and logistical companies that it would resume navigation in the Red Sea and the shipping lane in the coming days, according to what Bloomberg reported from sources. The sources, including a Suez Canal shipping official, said that the canal will receive the first …

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Egypt Independent December 29, 2023

Shipping giant CMA-CGM follows in footsteps of Maersk in returning to Suez Canal

Shipping giant CMA CGM announced on Tuesday that it intends to gradually boost the number of vessels using the Suez Canal. “Some vessels have made the transit through the Red Sea. This decision is based on an in-depth evaluation of the security landscape and our commitment to the security and safety of our seafarers,” CMA …

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Egypt Independent December 29, 2023

SCA chief: Canal makes all-time high returns worth $9.4 billion in 2022/23

Head of the Suez Canal Authority Osama Rabie has said the canal made all-time high returns worth $9.4 billion in the fiscal year 2022/2023. Speaking to the members of the Cabinet’s Information and Decision Support Center (IDSC), he reiterated on Saturday 05/08/2023 that the canal is an important strategic and economic artery for the state. …

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Egypt Independent August 5, 2023

Suez Canal navigation unaffected by friction accident between two tankers

The Chairman of the Suez Canal Authority Osama Rabie announced Tuesday that navigation in the canal has not been impacted by a friction accident between the LYRIC MAGNOLIA and the ALIGOTE tanker in the Great Lakes region. The tankers were carrying 65,000 tons and 44,000 tons respectively. He explained that the friction occurred while the …

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Egypt Independent April 5, 2023

Suez Canal Authority re-floats stranded ship in Suez Canal

The Suez Canal Authority issued a statement after re-floating a stranded huge ship in the canal’s shipping lane on Wednesday evening. The head of the Suez Canal Authority, Osama Rabie, said that the navigation movement in the canal continued regularly, as the canal witnessed the crossing of 57 ships from both directions, with a net …

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Egypt Independent September 2, 2022

Suez Canal offers transit fee discount for tourist ships

The Suez Canal Authority has amended the incentives provided to passenger ships and tourist ships (with passengers only) that visit Egyptian ports on the Mediterranean and Red Seas, the privately-owned al-Mal newspaper reported on Friday. The authority confirmed that a reduction of up to 50 percent of the normal transit fees for both outbound and …

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Egypt Independent June 19, 2022

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