Egyptian Government News

CK Hutchison Holdings port unit said on Thursday it would invest about $700 million in two major Egyptian ports, bringing its total investment in the country to more than $1.5 billion.Hutchison Ports said it would invest in the development of a new container terminal in the Red Sea port of Ain Sokhna, and in B100, a new container terminal in the Mediterranean port of Alexandria.In a separate statement, Cosco Shipping Ports Limited said it would invest 25% in the Sokhna New Container Terminal - a new terminal built by the Egyptian government.The operating period for the project is 30 years…

Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday.A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.The number of vessels transiting the canal rose 15.7% to 22,032.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.A 2015 expansion of the canal led to a

Egypt expects the Suez Canal's revenues to reach about $7 billion by the end of the current fiscal year, finance minister Mohamed Maait said on Saturday.Tourism revenues are expected to reach between $10 billion and $12 billion by then, despite the Ukrainian crisis, he added. Egypt's fiscal year runs from July 1 to June 30.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.(Reuters - Reporting by Ahmed Ismail, Writing by Moataz Mohamed, Editing by Andrew Heavens)

Italy's Eni has signed a framework agreement with the Egyptian Natural Gas Holding Company (EGAS) to provide shipments of Egyptian liquefied natural gas (LNG) for Italy and Europe, the Egyptian government said on Wednesday."The agreement also aims to exploit the great potential in the field of research and exploration in Egypt, especially in the Nile Delta, the Eastern Mediterranean, and the Western Desert," a cabinet statement added.(Reuters - Reporting by Momen Said Atallah; Writing by Ahmad Elhamy; Editing by Jan Harvey)

Egypt’s Suez Canal recorded revenue of $1.69 billion in the first quarter of 2022, up from $1.4 billion in the same period a year prior, the canal authority said in a statement on Saturday.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.(Reuters - Reporting by Yusri Mohammed; writing by Moataz Mohamed; Editing by Kirsten Donovan)

Egypt's Suez Canal registered revenues of $544.7 million in January, up from $495.7 million in the same month a year prior, the canal authority said in a statement on Tuesday.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.(Reporting by Momen Saeed Atallah; Writing by Nadine Awadalla; Editing by Louise Heavens)

Turkey and Egypt could negotiate and sign a maritime demarcation deal in the eastern Mediterranean if their ties, which have been strained, allow for such a move, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday.Ties between them have been frosty since Egypt’s army ousted Muslim Brotherhood President Mohammed Mursi, an ally of President Tayyip Erdogan, in 2013. They have also been at odds over maritime jurisdiction and offshore resources, as well as differences in Libya…

Egypt’s revenues from the Suez Canal in 2020 declined 3% to $5.61 billion compared to 2019, the canal authority said in a statement on Sunday.Transit fees for all types of ships would remain unchanged in 2021 and would include reductions and incentives offered in 2020, Canal Authority Chairman Osama Rabie said.Rabie said their marketing policies had helped to protect much of the canal’s shipping volumes and revenues against the global economic slowdown caused by the coronavirus pandemic.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main so

Egypt’s Suez Canal revenue rose to $490.2 million in October from $470.7 million in September, the cabinet said on Thursday.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.Reporting by Momen Saeed Atallah; writing by Nadine Awadalla; editing by Jason Neely

Traffic in Egypt's Suez Canal has so far been unaffected by the spread of the coronavirus, the chief of its authority said on Wednesday, citing a 4.6% increase year-on-year in the number of ships passing through.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.The container shipping industry, a bellwether for international trade, has been blown off course by the new virus, which brought parts of China to a standstill before spreading around the world…

Suez Canal revenues increased slightly to $5.8 billion in 2019 compared with $5.7 billion in 2018, its authority said in a statement on Saturday.The canal kept its transit toll unchanged in 2020 for all types of vessels except dry bulk vessels and liquefied petroleum gas (LPG) carriers which will increase by 5% compared with 2019, it added.The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.(Reporting by Omar Fahmy, writing by Mahmoud Mourad; Editing by Toby Chopra)

Siemens Gamesa has pledged its further commitment to the growth of clean energy in Egypt through the construction of the 250 MW West Bakr Wind project which is owned by the renewable power generation company Lekela.Siemens Gamesa will install 96 SG 2.6-114 turbines through a turnkey EPC contract and will provide long term maintenance through a 15-year service agreement.Alfonso Faubel, SGRE Onshore CEO, said: “We are proud to have been selected to contribute to the ambitious goals in renewable energy the Government has set for the coming years. Our aim is to support the government to deliver long term and lasting impact for our communities…

The international container terminal operating company headquartered in The Hague, APM Terminals said that it is working closely with the government of Egypt on the final pieces of the jigsaw that will ensure the success of Egypt Vision 2030 for Port Said East Port and the Suez Canal Container Terminal (SCCT).Once in place, it is set to regain its position as one of the most competitive ports in the South and East Mediterranean region, APM said in a press release.As part of Egypt Vision 2030, the Egyptian Government has made massive investments in infrastructure. On May 5, 2019, Egypt’s President, Mr. Abdel Fattah Al-Sisi inaugurated the Ismailia tunnel…

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent interest.The transactions were approved during a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Eng. Tarek El Molla.

Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit, a Vacuum Distillation Unit, a hydrogen production facility based on our steam reforming technology, as well as various process units…

Egypt will reduce the tariffs on container ships and ferries coming from foreign ports to East Port Said for a period of one year, the Suez Canal Authority said in a statement on Thursday.A 30 percent discount on port, docking and guiding fees will apply for vessels carrying less than 80,000 tonnes while those carrying more than that will receive a 40 percent discount, the statement said.Vessels carrying more than 50 containers will be eligible for a discount of up to 60 percent, but both rates cannot be applied at the same time, it said.The Suez Canal is the fastest shipping route between Eur

Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said. The sources last week provided no further details on the loan and the Canal Authority could not be immediately reached for comment. The Suez Canal…

Egypt's Suez Canal revenue for the first 10 months of the 2017-18 fiscal year ending in June rose to around $5.1 billion, state news agency MENA quoted Finance Minister Amr El Garhy as saying on Sunday.Garhy did not provide a comparative figure but said he expected revenue for the entire 2017-18 fiscal year to reach about $5.6 billion, a 14 percent rise from the previous year, according to MENA.Egypt's Suez Canal earned $4.95 billion in revenue during the 2016-17 fiscal year, according to central bank data.Egypt has said previously an $8 billion army-led expansion of the canal completed in 201

A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo. The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point. Under the MoU, DP World will lead and represent the alliance in the bidding process and become the ICD operator if the tender is won.

DP World, has formed a joint venture (JV) company with Egypt’s General Authority for the Suez Canal Economic Zone. The new venture will see the global terminal operator assist in developing projects in the SCZone, the main trade route between Europe and Asia, serving more than 8% of annual global trade. The new venture will develop projects in the Suez Canal Zone, one of the most promising trade zones given the calibre of its logistics facilities and its strategic location. The announcement of the joint company came during Egyptian President Abdel-Fattah El-Sisi's meeting today with DP World Chairman and CEO, Sultan Ahmed bin Sulayem, and the Chairman of the Suez Canal Authority, Mohab Mamish.

Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, signed a partnership agreement to develop an integrated industrial and residential zone at Sokhna in Egypt, in the presence of Sherif Ismail, the Prime Minister of Egypt. The signing took place at a ceremony in Sharm el-Sheikh at the World Youth Forum. The agreement will establish a joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone, which is projected to start in the first quarter of 2018. In line with the Egyptian government’s plans to develop the Suez Canal Corridor and the new administrative capital…

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), presented details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai. The opportunities to invest and launch operations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza). Sokhna World Zone will create a sustainable industrial area to attract foreign investment and will feature a range of investment incentives and encourage innovation using best international practice in the management of Special Economic Zones (SEZs)…

Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. Its revenues were at $462.7 million in Nov. 2017. Reporting by Youssri Ahmed; Writing by Nadine Awadalla