{"id":644651,"date":"2024-09-30T00:00:00","date_gmt":"2024-09-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/30\/ongoing-geopolitical-tensions-continue-to-hurt-suez-canal-revenues\/"},"modified":"2024-09-30T00:00:00","modified_gmt":"2024-09-30T00:00:00","slug":"ongoing-geopolitical-tensions-continue-to-hurt-suez-canal-revenues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/30\/ongoing-geopolitical-tensions-continue-to-hurt-suez-canal-revenues\/","title":{"rendered":"Ongoing geopolitical tensions continue to hurt Suez Canal revenues"},"content":{"rendered":"

Good m<\/strong>ornin<\/strong>g, all. <\/strong>We have a brisk issue for you this morning as the news flow slows down after a particularly busy weekend. <\/p>\n

<\/a> BUT BEFORE WE DIVE IN- We have a long weekend ahead: <\/strong>Public and private sector workers will have Sunday, 6 October off in observance of Armed Forces Day, Prime Minister Moustafa Madbouly announced<\/a> yesterday.<\/p>\n

DATA POINT-<\/p>\n

<\/a> Suez Canal revenues more than halve on the back of regional escalations: <\/strong>Ongoing geopolitical tension in the region have had a dire impact on Suez Canal revenues, which have seen a 50-60% drop \u2014 equivalent to USD 6 bn \u2014 over the past 7-8 months, President Abdel Fattah El Sisi sa<\/a>id yesterd<\/a>ay<\/a>.<\/p>\n

No surprise there: <\/strong>In July, Prime Minister Moustafa Madbouly said<\/a> that Suez Canal revenues have dropped to around USD 300 mn a month, down 64.7% from USD 850 mn previously. <\/p>\n

\n

HAPPENING TODAY- <\/p>\n

<\/a> El Khatib in France to drum up investments:<\/strong> Investment and Foreign Trade Minister Hassan El Khatib is in Paris for a multi-day visit where he will meet with French investors interested in exploring potential investments in Egypt, particularly in the energy, automotive, and infrastructure sectors, according to a ministry statement<\/a>. El Khatib will be accompanied by General Authority for Investment and Freezones (GAFI) head Hossam Heiba and Egyptian Commercial Representation Service head Yahya Al Wathiq Billah.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> New features coming to the Instapay app: <\/strong>The central bank\u2019s digital payment platform Instapay will roll out new features allowing users to make purchases at points of sale and e-commerce platforms before the end of the year, banking sources in the know told Fintech Gate<\/a>. This service would eliminate the need for physical bank cards for payments.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s continuing to cool down in Cairo, with the capital looking at a high of 32\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s even cooler in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 21\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at the impact of recent price hikes on industrial players. Check out the story here<\/a>. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

<\/a> It\u2019s another morning with escalations in the region dominating headlines:<\/strong> Israel attacked Yemen\u2019s Houthis yesterday, launching a wave of airstrikes<\/a> on Ras Issa and the port city of Hodeida that killed four<\/a> and wounded an additional 29 according to the Houthi-run health ministry. Commenting on Israel\u2019s ongoing attacks on its allies, Iranian President Masoud Pezeshkian said<\/a> that Israel should not be allowed to attack countries in the Iran-linked \u201caxis of resistance\u201d without consequence, saying that \u201ca decisive reaction is necessary\u201d and condemning Israel\u2019s targeting of what he called \u201ccivilian infrastructure\u201d in Hodeida. <\/p>\n

Meanwhile, Israel\u2019s brutal assault on Lebanon continued<\/strong>, with at least 105 people<\/a> killed in Israeli strikes over the course of the day, according to the Lebanese Health Ministry. Hezbollah supporters and allies continued to mourn the loss of the group\u2019s leader Hassan Nasrallah, while Israeli military officials vowed to \u201ckeep hitting Hezbollah hard.\u201d <\/p>\n

The strikes have led to what Lebanese Social Affairs Minister Hector Hajjar called a <\/strong>\u201chumanitarian catastrophe\u201d <\/strong>yesterday<\/a>, underlining the difficulty the Lebanese caretaker government is having addressing the needs<\/a> of the nearly 1 mn people<\/a> that have been displaced since the conflict\u2019s escalation.<\/p>\n

AND IN BUSINESS NEWS- <\/strong>Former Japanese Defense Minister Shigeru Ishiba\u2019s election<\/a> as head of the country\u2019s ruling Liberal Democratic Party has sent jitters through Japan\u2019s stock market, as insiders express concern about his support for heavier corporate and investment income taxation.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We look at Egypt's plans to implement a \u201cfoundation year\u201d system and how they\u2019re going.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, all. We have a brisk issue for you this morning as the news flow slows down after a particularly busy weekend. BUT BEFORE WE DIVE IN- We have a long weekend ahead: Public and private sector workers will have Sunday, 6 October off in observance of Armed Forces Day, Prime Minister Moustafa Madbouly […]<\/p>\n","protected":false},"author":1,"featured_media":644652,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,7103,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-suez-canal","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3156017c-1e34-4147-b9e4-2658bbc31b12","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/9\/2222.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ongoing geopolitical tensions continue to hurt Suez Canal revenues","related_issue":[644649],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.2bfa633e-7fcc-4484-a3eb-fe0bc554e5cf.mp3"},"yoast_head":"\nOngoing geopolitical tensions continue to hurt Suez Canal revenues - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/30\/ongoing-geopolitical-tensions-continue-to-hurt-suez-canal-revenues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ongoing geopolitical tensions continue to hurt Suez Canal revenues\" \/>\n<meta property=\"og:description\" content=\"Good morning, all. 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This is 32% higher than July 2021. The strong revenues were backed by a rise in tonnage transiting the canal, which\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587292,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/this-evening-suez-canal-revenues-to-hit-usd-8-8-bn-this-year-rabie-says\/","url_meta":{"origin":644651,"position":2},"title":"THIS EVENING: Suez Canal revenues to hit USD 8.8 bn this year, Rabie says","author":"enterpriseam admin","date":"24 May 2023","format":false,"excerpt":"Good afternoon, wonderful people, and happy almost-THURSDAY. It\u2019s another relatively slow day on the home front today as we trudge towards the weekend. THE BIG STORY TODAY Suez Canal revenues are expected to hit USD 8.8 bn in 2023, which would mark a 10% y-o-y increase, Suez Canal Economic Zone\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556198,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/suez-canal-revenues-up-12-4-so-far-this-year\/","url_meta":{"origin":644651,"position":3},"title":"Suez Canal revenues up 12.4% so far this year","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"The global rise in commodity prices is hitting local aluminium, as Egypt Aluminum has raised the price at which it sells to factories and distributors to EGP 55-66k per tonne, up by nearly EGP 4-5k from last month.Suez Canal Revenues were up 12.4% y-o-y between January and 12 October this\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592433,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/suez-canal-tugboat-tragedy-tops-headlines\/","url_meta":{"origin":644651,"position":4},"title":"Suez Canal tugboat tragedy tops headlines","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"One crew member was killed in the collision","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549277,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/suez-canal-sees-record-monthly-revenues-in-august\/","url_meta":{"origin":644651,"position":5},"title":"Suez Canal sees record monthly revenues in August","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"Revenues at the Suez Canal hit an all-time high of USD 744.8 mn in August, the Suez Canal Authority said on Thursday. 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