Drying conditions in the Panama Canal could benefit Egypt's Suez Canal | Zilla Capital

Newsletter

28 May 2023

Drying conditions in the Panama Canal could benefit Egypt’s Suez Canal

Drying conditions in the Panama Canal could benefit Egypt’s Suez Canal. The worsening drought in the Panama Canal, which has led to container ships reducing their cargo and facing higher fees, could have a significantly positive impact on the activity of the Suez Canal, according to Osama Rabie, the head of the Suez Canal Authority. Although this hasn’t yet resulted in a noticeable increase in traffic in the Egyptian Canal, the cost of shipping through the Panama Canal could rise further this summer if the drought intensifies. (East Economy)

Tax Increase Package Gets Green Light from House Committee.
The House Planning and Budgeting Committee has approved a series of proposed tax, duty, and development fee increases that have been under consideration for 18 months. This decision was made after some amendments were implemented by the government. (Al Shorouk)
Standard Chartered of UK Plans to Launch Egyptian Branch in 2024.
Standard Chartered Bank, under CEO Bill Winters, plans to open a branch in Egypt in 2024. The bank aims to support the Egyptian government through current economic challenges, considering its strong ties with the country. Despite many sovereign clients facing economic pressures leading to payment delays, like Sri Lanka, the bank is committed to offering assistance, with a focus on emerging markets. (Arab Finance)
Chinese Group Considers Constructing $300M Iron Facility in SCZONE.
A Chinese consortium, made up of two companies, has proposed to build a $300 million ironworks facility in the Suez Canal Economic Zone (SCZONE), according to a recent statement. The SCZONE authority is considering the proposal, which plans to construct the project over a 750-square-meter area. If approved, the facility could generate 1,200 jobs and would be implemented in two stages. The proposal is awaiting approval from the relevant authorities. (Arab Finance)
CFI Securities Brokerage Firm Declares Commencement of Operations in Egypt.
CFI Securities Brokerage Firm revealed the launch of its operations in Egypt with the opening of two branches in Cairo and Alexandria. According to Sameh Al-Azab, the CEO of CFI, Egypt represents the seventh nation where the firm has chosen to establish a presence, drawn by its encouraging economic potential. CFI currently has offices in London, Beirut, and Amman, with its headquarters situated in Dubai, United Arab Emirates. (Economy Plus)
EFG Hermes Holding Changes Its Name to EFG Holding.
In line with its growth objectives, EFG Hermes Holding has rebranded to EFG Holding, as per a press release sent out on May 25th. Correspondingly, the EFG Hermes Foundation will also undergo a name change, becoming the EFG Foundation. The holding company has also introduced a new slogan, 'Realize More'. (Arab Finance)
Workers' Emergency Fund Disburses Total Subsidies of 2.2 Billion Pounds Over 20 Years.
The Ministry of Manpower has disclosed that since its inception in 2003, the Workers' Emergency Fund has distributed around 2.2 billion pounds in subsidies to aid workers in struggling companies. A total of 422,743 workers from 3,969 firms have benefitted from these distributed aids. From the beginning of this year till now, approximately 10.6 million pounds have been granted to nearly 4.5 thousand workers across three establishments. (Economy Plus)
Tianjin's Foreign Affairs and International Relations Bureau in China hosts 'Invest in Egypt' forum.
The Bureau of Foreign Affairs and International Relations in Tianjin, China, hosted an 'Invest in Egypt' forum attended by numerous representatives from Chinese companies in sectors such as petrochemicals, heavy industries, food, and energy. Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone, along with his delegation, participated in the forum during their promotional visit to Tianjin. This visit was part of their tour to promote investment opportunities in the region and to draw more Chinese investments to the area. (Al Mal)
Chief Financial Regulator Attends Signing of Collaboration Agreement Between Financial Services Institute and Investor Protection Fund.
Mohamed Farid, the Head of the Financial Supervisory Authority, observed the signing ceremony of a collaborative agreement between the Institute of Financial Services and the Investor Protection Fund. The Authority's statement conveyed that this protocol stems from its dedication to enhance and evolve the academic and practical capabilities across diverse occupational levels in all non-banking financial sectors. (Hapi Journal)
Vodafone Business Reaffirms its Alliance with Citadel Capital for the Provision of Digital Solutions.
Vodafone Business has extended its collaboration with Qalaa Financial Investments Group, continuing to provide it with desktop digital solutions. As a result of this agreement, Vodafone Business will be the primary supplier of Office 365 licenses for Citadel Capital, as indicated in a press statement. (Economy Plus)