{"id":664234,"date":"2025-04-27T00:00:00","date_gmt":"2025-04-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/27\/trump-demands-american-vessels-pass-suez-canal-without-charge\/"},"modified":"2025-04-27T00:00:00","modified_gmt":"2025-04-27T00:00:00","slug":"trump-demands-american-vessels-pass-suez-canal-without-charge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/27\/trump-demands-american-vessels-pass-suez-canal-without-charge\/","title":{"rendered":"Trump demands American vessels pass Suez Canal without charge"},"content":{"rendered":"

Good morning, folk<\/strong>s. <\/strong>It\u2019s been a busy month for local business news \u2014 and it shows few signs of slowing as we enter the last workweek of the month. In today\u2019s issue, we\u2019ve got news that Kuwait is eyeing turning its deposits at the central bank into direct investments, an improved growth outlook from the World Bank, a rundown of recently introduced SME-focussed tax reforms, and more.<\/p>\n

PSA-<\/p>\n

#1- We\u2019ve got yet another shorter-than-usual workweek<\/strong>, with Thursday, 1 May off for<\/a>Labor Day<\/a> for both the public and private sector. EnterpriseAM Egypt will also be taking a break from your inboxes over the long weekend, but we will be back with all the must-know local business updates bright and early on Sunday.<\/p>\n

#2- Summer opening hours for shops, malls, cafes, restaurants, and workshops begin <\/strong>this Friday<\/strong>, according to a statement<\/a> from the Local Development Ministry. Shops and malls will now be open to 11pm on weekdays and 12pm weekends, restaurants and cafes will keep the light on until 1am, and workshops will be able to operate in residential areas until 7pm.<\/p>\n

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WEATHER- It\u2019s continuing to cool down in Cairo today<\/strong>, with a high of 28\u00b0C, a low of 17\u00b0C, and partly cloudy skies, according to our favorite weather app.<\/p>\n

The partly cloudy skies extend all the way to Alexandria<\/strong>, which is in store for a high of 25\u00b0C and a low of 16\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

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- American President Donald Trump is demanding that American military and <\/strong>commercial vessels pass the Suez Canal and Panama canal \u201cfree of charge<\/strong>,\u201d he wrote in a post on Truth Social<\/a>. \u201cI\u2019ve asked Secretary of State Marco Rubio to immediately take care of, and memorialize, this situation.\u201d<\/p>\n

Trump also claimed that the two canals \u201cwould not exist without the United States of <\/strong>America<\/strong>,\u201d \u2014 a claim that has left us scratching our heads in the case of the Suez Canal.<\/p>\n

The move could have more to do with countering Chinese influence than it does with the <\/strong>cost of the Suez Canal. <\/strong>Trump protested China\u2019s presence around the Panama Canal with a threat to \u201ctake it back,\u201d which led to pressure on a Hong Kong-based company to sell two Panama ports and other assets to a BlackRock-led alliance in a yet-to-be finalized transaction that could total USD 18 bn.<\/p>\n

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<\/a> #2- Attention, logistics players<\/strong>. The Transport Ministry is offering up 23 dry ports and logistic zones investment projects, it said in a statement<\/a>. The projects on offer span the country from North to South and from East to West, and include projects in Sadat City, Borg El Arab, Sohag, Qena, Kom Abu Rady, Beni Suef, Toshka, Abu Simbel, Arish, Ras Sudr, El Tor, Taba, Bir Al Abd, and more.<\/p>\n

Want to know more? <\/strong>Interested investors should go the General Authority for Land and Dry Ports at the Ministry of Transport in the new capital to find out more about the projects on the table.<\/p>\n

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GDP WATCH- <\/p>\n

<\/a> Analysts and economists <\/strong>polled by Reuters<\/a><\/strong> trimmed Egypt\u2019s GDP growth outlook for the current <\/strong>fiscal year to a median forecast of 3.8% y-o-y,<\/strong> down 0.2 percentage points from the newswire\u2019s January outlook<\/a>. The latest poll mirrors the International Monetary Fund\u2019s latest projection<\/a>, where it upgraded its forecast last week 0.2 percentage points to 3.8%.<\/p>\n

Fingers were firmly pointed at Trump\u2019s trade war for the less optimistic outlook<\/strong>, with the country set to be indirectly affected by a downturn in investor sentiment and business activity more generally, Abu Dhabi Commercial Bank\u2019s Sri Virinchi Kadiyala said. The Institute of International Finance\u2019s Ivan Burgara similarly argued that while the country won\u2019t be affected too much directly, \u201cthe main shock would come via the secondary impact on global growth, particularly in Europe.\u201d<\/p>\n

Forecasts for the coming fiscal year were also down<\/strong>, trimmed 0.1 percentage point from their January forecast to 4.6% for FY 2025\/26. Despite the downgrade, the median forecast was 0.3 percentage points up from the IMF\u2019s current forecast.<\/p>\n

Other notable forecasts:<\/strong> <\/p>\n