Egypt’s Finance Minister Mohamed Maait revealed that the government estimates that Suez Canal revenues will decline by 60% due to ongoing tensions in the Red Sea.

The Egyptian minister’s remarks came during his participation in the economic policy-making conference held in Cairo, as the Red Sea crisis entered its seventh month.

Maait pointed out that the crisis in the Red Sea, in addition to the slowdown in economic activity, the decline in trade and the restrictive policies imposed to deal with the effects of global inflationary crises, negatively affect Egypt’s tax and non-tax revenues.

Egypt’s planning minister, Hala al-Said, announced last month that Suez Canal revenues had fallen by 50 percent as a result of tensions in the Red Sea.

The Suez Canal is one of the most important sea lanes in the world, connecting Europe and Asia and is a major source of hard currency for Egypt.

In the fiscal year 2022-2023, the channel recorded revenues of $ 9.4 billion, the highest annual level recorded, an increase of 35% over the previous year.

The International Monetary Fund  also announced in March that the volume of trade through the Suez Canal fell by 50% during the first two months of 2024 due to attacks in the Red Sea.

International trade has been disrupted in recent months as a result of disruptions in this vital sea lane, through which about 15% of global maritime trade passes.

This led some shipping companies to change routes from the Red Sea and Suez Canal to the Cape of Good Hope, increasing delivery times by 10 days or more.
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#Egypt #Egyptian_Ministry_of_Finance #Egyptian_Ministry_of_Planning #Gaza_War #Houthi_Group #International_Monetary_Fund #Israel #Mohamed_Maait #Red_Sea #Suez_Canal #Yemen

The Sudanese ambassador to Russia, Mohamed Siraj, confirmed that Khartoum is committed to building a Russian naval base in the Red Sea, noting that the problem lies only in “some procedural issues.”

Siraj explained in press statements that the base represents a “logistical support point” and that the agreement signed between the two countries requires them to implement the project.

The Sudanese ambassador indicated that this issue is being studied within the framework of bilateral relations between Sudan and Russia, expressing his hope that these relations will be further strengthened.

This came after the Russian ambassador to Khartoum, Andrei Chernovel, said that Sudan had not yet completed the procedures for ratifying the agreement to establish the naval base in Port Sudan on the Red Sea.
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#Abdel_Fattah_Al_Burhan #Andrei_Chernovol #Khartoum #Mohamed_Siraj #Red_Sea #Russia_news #Russian_Ambassador_in_Khartoum #Russian_Foreign_Minister #Russian_Naval_Base #Sergey_Lavrov #Sudan_News #Sudanese_Ambassador_to_Russia

The Russian President’s Special Envoy to the Middle East and Africa, Deputy Foreign Minister Mikhail Bogdanov, confirmed that contacts are continuing between Russia and Sudan to establish a military base on the Red Sea.

Bogdanov explained, during his statements to reporters yesterday, Tuesday, that no specific agreements have been reached yet regarding this rule.

Regarding the political situation in Sudan, Bogdanov stressed the importance of making efforts to find peaceful solutions to the ongoing conflicts in the country.

He said that it is necessary to stop destroying and sit at the negotiating table in order to end the bloody conflicts and preserve the unity of Sudan.
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#Africa #Middle_East #Mikhail_Bogdanov #Rapid_Support_Forces #Red_Sea #Russia #Russian_Army #Russian_Military_Base #Sudan #Sudanese_Army

Egypt is seeking to purchase large quantities of liquefied natural gas from global markets with deferred payment terms of up to 6 months, according to market sources.

Cairo, which in the past few years has been a reliable exporter of liquefied natural gas to Europe, is trying to deal with dwindling natural gas supplies that have forced it to return to importing gas.

According to Reuters, citing trade sources, the Egyptian Natural Gas Holding Company (EGAS) is seeking to purchase 17 shipments of liquefied natural gas through a tender that closes on June 26, with 7 shipments to be received in July 6 in August, and 4 in September, via the shipboard delivery system at the port of arrival. .
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#Ain_Sokhna_Port #Aqaba_Port #Bab_el_Mandeb_Strait #EGAS #Egypt #Egypt_News #Energy_Prices #Gas_Import #Jordan #LNG #Red_Sea

Egypt is organizing tenders to purchase large quantities of gas this summer with the possibility of deferring payment for up to six months.

These new conditions make prices slightly higher, as Egypt is expected to pay more than the usual price to ensure its access to gas.

Sources in the Egyptian energy market indicate that Egypt will have to pay an additional premium on the price of gas, between one and two dollars per million British thermal units above the basic price, to secure the required quantities of gas.

Egypt expects to receive most of these shipments through the port of Ain Sokhna on the Red Sea, while some other shipments will be received at the port of Aqaba in Jordan.

Egypt faces economic challenges, including a shortage of hard currency and overdue debts to major companies, which makes the situation more difficult in light of these major tenders.
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#Ain_Sokhna_Port #Aqaba_Port #Egypt #Egyptian_economy #Egyptian_Energy_Market #Energy #Gas #Red_Sea

Somali President Hassan Sheikh Mohamud, with his Egyptian counterpart Abdel Fattah al-Sisi, discussed the situation in the Horn of Africa and the Red Sea region, during a phone call, according to the official Somali News Agency.

The two presidents welcomed the momentum witnessed in cooperation between the two countries in the recent period, stressing their keenness to expand the horizons of cooperation to include various fields in accordance with the fraternal ties between the two peoples.

They stressed the importance of ensuring the security and stability of the Red Sea and Gulf of Aden regions, which will reflect positively on the Horn of Africa and its people.
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#Eritrea #Somalia #Abdel_Fattah_Al_Sisi #Djibouti #Egypt #Ethiopia #Hassan_Sheikh_Mahmoud #Horn_of_Africa #Red_Sea #Somaliland_Region #Suez_Canal

Egyptian Foreign Minister Dr. Badr Abdel Ati visited the countries of Djibouti and Somalia to discuss enhancing cooperation and securing maritime navigation in the Red Sea.

The visit included holding bilateral discussions with his Djiboutian and Somali counterparts, followed by press conferences, in conjunction with the launch of a new airline connecting Egypt with these two Arab countries, according to a statement by the Egyptian Foreign Ministry.
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#Somalia #Ahmed_Abu_Zeid #Ahmed_Moallem_Faqi #Al_Azhar #Badr_Abdel_Ati #Djibouti #Djibouti_Center_for_Moderation #Egypt #Horn_of_Africa #Mahmoud_Ali_Youssef #Maritime_Security #Red_Sea #Sudan #Terrorism

The Egyptian government announced a wide increase in fuel prices on Thursday, four days before the third review of the International Monetary Fund’s $8 billion extended loan program for Egypt.

The new price details include: 80-octane gasoline: the price per liter rose to EGP 12.25 ($0.25), a 15% increase; 92-octane gasoline: the price per liter became EGP 13.75 ($0.28); 95-octane gasoline: the price per liter reached EGP 15 ($0.31); and diesel: the price per liter rose to EGP 11.50 ($0.24) from EGP 10 ($0.21), a larger increase than gasoline.

The increase comes as part of Egypt’s commitment to reduce fuel subsidies as part of its agreement with the International Monetary Fund, with the government raising fuel prices for the second time since March.
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#Egypt #Egyptian_Government #Fuel #Gaza_Strip #Houthis #IMF #Israel #Julie_Kozak #Mostafa_Madbouly #Red_Sea #Suez_Canal

The head of the Sudanese Sovereignty Council, Abdel Fattah Al-Burhan, survived an assassination attempt targeting him with a “suicide” drone while participating in a graduation ceremony for students at the Military College at the Jebeit Military Institute in the Red Sea State.

Informed sources confirmed that the drone targeted Al-Burhan this morning, Wednesday, but did not cause any serious damage, and Al-Burhan was quickly evacuated to the city of Port Sudan as a precaution.

It is noteworthy that Sudanese media revealed last week another assassination attempt targeting Al-Burhan, which was thwarted by the military security services before it was carried out.
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#Abdel_Fattah_Al_Burhan #Al_Damar_City #Assassination #Drones #Jebeit_Military_Institute #Red_Sea_State #Sudan #Sudanese_Army #War_in_Sudan

Egyptian Prime Minister Mostafa Madbouly announced that the Suez Canal is suffering huge financial losses, losing between $500 and $550 million per month, due to the turbulent situation in the region.

During a press conference attended by a number of media professionals and editors-in-chief, Madbouly explained that the government did not expect the canal’s revenues to drop to $300 million, after reaching $800 million per month, indicating that Egypt is facing major challenges due to the crises affecting its economy.

The United Nations Conference on Trade and Development (UNCTAD) confirmed in February of this year that the weekly movement of cargo ships through the Suez Canal decreased by more than two-thirds due to attacks launched by the Houthis on ships.
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#Egypt #Egyptian_Cabinet #Egyptian_economy #Houthis #Losses #Mustafa_Madbouly #Red_Sea #Suez_Canal #United_Nations

The Egyptian Ministry of Petroleum and Mineral Resources intends to establish a complex for extracting minerals, most notably gold and silver, with investments amounting to about 700 million pounds in Aswan, divided into two phases.

Government sources reported that the” Shalateen Mineral Resources” Company, which owns the project, will manage the complex’s investments and plans to pump them in two phases ending in May 2026.

The “Gas Egypt” Company is implementing the first phase of the project, as the company received the complex’s land and began implementing the surveying works, which will be followed by implementing the foundations and infrastructure works, with the first phase expected to be completed in the second quarter of 2025.
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#Aswan #Egypt #Egypt_s_Economy #Egyptian_Ministry_of_Petroleum #Gold_exploration #Mineral_extraction #Mineral_resources #Red_Sea #Shalateen

Egyptian President Abdel Fattah El-Sisi received his Somali counterpart Hassan Sheikh Mahmoud at the Ittihadiya Palace in Cairo, and a military cooperation protocol was signed between the two countries.

The Egyptian presidency said in a statement that El-Sisi stressed his country’s position in support of the unity and sovereignty of Somalia over its lands and rejecting any interference in its internal affairs. The two presidents witnessed the signing ceremony of the protocol.

According to the statement, the discussions between the two parties focused on the situation in the Horn of Africa and the Red Sea, against the backdrop of Ethiopia’s establishment of a naval base in the “Somaliland” region, where Sheikh Mahmoud condemned Addis Ababa’s plans regarding the separatist region.
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#Somalia #Abdel_Fattah_El_Sisi #Addis_Ababa #Cairo #Egypt #Ethiopia #Hassan_Sheikh_Mahmoud #Horn_of_Africa #Military_Cooperation #Mogadishu #Red_Sea #Renaissance_Dam