SCA raises Suez Canal transit fees starting mid-January
SCA raises Suez Canal transit fees starting mid-January. The Suez Canal Authority (SCA) has decided to raise transit fees as of January 15th, 2024. A 15% transit fee increase will be imposed on crude oil tankers, petroleum product tankers, liquefied petroleum gas (LPG) carriers, liquefied natural gas (LNG) carriers, chemicals and other liquid bulk tankers, containerships, vehicles carriers, cruise ships, and special floating units. However, a 5% increase will be levied on dry bulk vessels, general cargo vessels, roll-on/roll-off (RO/RO) vessels, and other vessels. On the other hand, containerships directly heading from ports in North-West Europe to ports in the Far East are exempted from the transit fee increase. (Asharq Business)
- Parliament ratifies 500 million USD financing from World Bank for Takaful and Karama.
The Egyptian House of Representatives has approved 500 million USD in financing from the World Bank to expand the country’s social protection program Takaful and Karama. The new financing aims to boost investments in human capital to promote the country’s sustainable development and support low-income groups. It also targets improving institutional competencies via providing the needed technical support and investments. (Al Mal)
- SCZONE signs 14.75 billion USD energy projects with Chinese companies.
The Suez Canal Economic Zone (SCZONE) has signed a framework agreement with the green fuel producer China Energy to produce 1.2 million tons of green ammonia and 210,000 tons of green hydrogen a year with 6.75 billion USD in investments. The project is set to be established on a 500,000-square-meter area in Sokhna Industrial Zone. Another agreement was sealed between the SCZONE and the Chinese United Energy to set up a potassium chloride production park over three phases with investments of up to 8 billion USD.
- China’s CSCEC inks framework agreements to develop Egypt’s aviation sector.
Cairo Airport Company has signed a framework agreement with China State Construction Engineering Corporation - Egypt (CSCEC-Egypt) to develop Cairo International Airport. The agreement aims to establish a hub airport and promote the tourism and aviation sectors in Egypt. Moreover, the Egyptian Airports Company has sealed an agreement with CSCEC-Egypt to revamp Hurghada International Airport. The agreement covers establishing a hub airport, building a new terminal at the airport, developing terminals 1 and 2, and providing sustainable transport services between terminals. (Hapi Jounral)
- SCZONE seals 755 million USD agreements to expand TEDA-Egypt’s business.
The first agreement was inked to establish a ductile iron pipe production factory in the TEDA-Egypt zone, with an expected production of 250,000 tons of pipes. The project aims to export 80% of production abroad with sales of up to 250 million USD, in addition to providing 600 job opportunities. The project’s first phase is set to be established on a 240,000-square-meter area with investments of 145 million USD. (Arab Finance)
- For the second deal, worth 500 million USD in investments, it covers setting up a polished glass manufacturing factory
with a daily capacity of 800 tons and a rolled-glass production line with a capacity of 800 tons a day. The project is expected to produce 243,200 tons of polished glass products and 235,000 tons of rolled-glass products a year, with potential sales of up to 250 million USD. The project aims to export 80% of production abroad, along with creating from 600 to 800 job opportunities. (Arab Finance)
- And for the third agreement, worth up to 110 million USD in investments, comprises building a 270,000-square-meter bromine production and water treatment park,
with an annual production of 140,000 tons of bromine in the TEDA-Egypt zone. The project targets exporting its production abroad and offering 700 job opportunities. Moreover, both sides inked a letter of intent to develop a new industrial zone in Sokhna Industrial Zone on a 3-square-kilometer area. (Arab Finance)
- Alfa Medical Group (AMG), the group behind Alfa Labs, is currently looking to acquire stakes in as many as three Cairo-based hospitals before the end of 2023 as part of an expansion plan.
AMG is currently building two hospitals and the Alfa Medical City in Sheikh Zayed to add to its existing portfolio of 170 pathology centers, 6 radiology centers and a hospital, according to the company’s LinkedIn. In 2021, the group announced plans to invest some 5 billion EGP in the local market through 2026. (Al Mal)
- EMX eyes listing nitrogen, phosphorous fertilizers.
Egypt is planning to list new petrochemical products, especially nitrogen and phosphorous fertilizers, on the Egyptian Mercantile Exchange (EMX) before the end of 2023. This aims to lure further individual and institutional investors. (Asharq Business)
- President Abdel Fattah El Sisi will meet his US counterpart in Amman today as global leaders try to find a way to get aid into Gaza and prevent the conflict from spilling over into a regional war.
The two leaders will be joined by Jordan’s King Abdullah and Palestinian Authority President Mahmoud Abbas on Wednesday. The statement came in the wake of a phone conversation between El Sisi and Biden last night, during which the two leaders discussed the deteriorating humanitarian situation in Gaza and agreed on the need to protect civilians. The two agreed on the importance of containing the war, but neither statement raised the possibility of a ceasefire. (Bloomberg)
- Egypt’s Gaza summit will take place on 21 October and the invite list includes global and regional powers.
Egypt is inviting world leaders to the new capital on 21 October to attend the summit announced Sunday that will discuss the “developments and future of the Palestinian issue.” Among the leaders El Sisi spoke to yesterday was Russian president Vladimir Putin, who engaged in a day of rapid-fire diplomacy after remaining on the sidelines for much of the 10-day conflict. Putin, who has joined with Chinese officials to criticize Israel’s military campaign and explicitly back a Palestinian state, had phone conversations with Netanyahu and the presidents of Iran, Syria and Palestine. (Reuters)
- Iran said last Tuesday that the group is willing to release the nearly 200 hostages if Israel agrees to end its bombing campaign.
Hamas has “stated that they are ready to take necessary measures to release the citizens and civilians held by resistance groups, but their point was that such measures require preparations that are impossible under daily bombardment by the Zionists against various parts of Gaza,” the country’s foreign ministry spokesperson Nasser Kanaani said. (Reuters)
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