El Sisi: Suez Canal lost USD 6 bn of revenues in the past eight months

Good afternoon, friends, and welcome to a new work week.

THE BIG STORY TODAY

Regional geopolitical tensions hit Suez Canal revenues hard: The ongoing Israeli assault and the resulting consequences had a strong impact on revenues from Suez Canal over the past 7-8 months, President Abdel Fattah El Sisi said this morning, revealing that the loss could be up to 50-60% of the total receipts, estimating it at USD 6 bn.

THE BIG STORY ABROAD

Despite the killing of Hezbollah leader Hassan Nasrallah, Israeli PM Benjamin Netanyahu says they won’t let up on their bombardment of Lebanon. Israel’s attacks last week killed north of 1k people, and wounded 6k, but the occupying state intends to expand their assault on civilians. Netanyahu seemed to threaten the whole of the Middle East on Friday, claiming that “There is no place in Iran or the Middle East where the long arm of Israel cannot reach.” Iran is expected to retaliate. (Reuters | Bloomberg | CNBC)

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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- The moderate weather is holding strong, and the capital will be seeing a high of 33°C and a low of 23°C tomorrow, according to our favorite weather app.