{"id":659756,"date":"2025-02-02T00:00:00","date_gmt":"2025-02-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/02\/scas-rabie-pushes-shipping-companies-to-return-to-the-red-sea\/"},"modified":"2025-02-02T00:00:00","modified_gmt":"2025-02-02T00:00:00","slug":"scas-rabie-pushes-shipping-companies-to-return-to-the-red-sea","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/02\/scas-rabie-pushes-shipping-companies-to-return-to-the-red-sea\/","title":{"rendered":"SCA\u2019s Rabie pushes shipping companies to return to the Red Sea"},"content":{"rendered":"

Good morning<\/strong>, friends. <\/strong>We are kicking off the workweek with a busy issue packed with fresh M&A news, the details of El Sisi and Trump\u2019s conversation, and Morgan Stanley\u2019s two cents on Egypt\u2019s economic outlook. <\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s another cool day in Cairo<\/strong>, with a high of 21\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s just as cold in Alexandria<\/strong>, with a high of 21\u00b0C and a low of 11\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

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The Mabdouly government is in talks to temporarily use Cyprus\u2019 floating storage and <\/strong>regasification unit Etyfa Prometheus<\/strong>, according to industry publication Mees. Currently being tested in Malaysia, the unit could be lent to us for the short-term in exchange for certifying it, Cypriot Energy Minister George Papanastasiou said. With Cyprus\u2019 own LNG import plans delayed until at least late 2025, the potential agreement could see Egypt using the vessel until Cyprus has a need for it, according to the report.<\/p>\n

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<\/a> #2- Suez Canal Authority head Osama Rabie went on a charm offensive to persuade <\/strong>shipping lines to return to the canal<\/strong>, telling representatives of 23 leading companies in the field that \u201cthe current conditions in the Red Sea region are witnessing many positive indicators towards the start of stability returning to the region,\u201d according to an authority statement<\/a>. <\/p>\n

Remember, traffic is picking up through the canal, albeit very slowly<\/strong>, with reports out last week that six US- and UK-linked ships passed through the Red Sea safely<\/a> since 19 January, after Yemen\u2019s Houthis announced they would only target Israeli-linked vessels following the ceasefire agreement between Israel and Hamas. However, six ships is just a drop in the bucket when compared to traffic the canal was used to, with shipping giants Maersk, MSC, and Mitsui OSK still avoiding the Red Sea, citing security risks.<\/p>\n

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#3- <\/strong>Bukhamseen Group wants to acquire local tourism giant in <\/strong>USD 5<\/strong> bn transaction: <\/strong>Kuwait\u2019s Bukhamseen Group is planning to acquire one of Egypt\u2019s largest tourism and hospitality investment companies in a USD 4.9 bn transaction, Al Mal<\/a> reports without disclosing the identity of the sought after company. If the transaction comes about, it would mark one of the largest transactions in Egypt\u2019s tourism industry,<\/p>\n

Bukhamseen is no stranger to the Egyptian market: <\/strong>The group \u2014- alongside the InterContinental Hotel Group \u2014 is one of the controlling shareholders in Maadi\u2019s Holiday Inn<\/a>. <\/p>\n

NEWS TRIGGERS-<\/p>\n

It\u2019s the first workday of February<\/strong> \u2014 here are the key news triggers to keep your eyes on throughout the month:<\/strong><\/p>\n