In line with its policy to achieve pricing flexibility and as part of its vision to sustainability, the Egyptian Government announced a package of incentives and discounts reaching up to 45% on the fees of navigational aids and lighthouses.
The Suez Canal Authority aims to increase the Suez Canal’s revenues by as much as $1bn, Mohab Mamish, the chairperson of SCA informed. During the first year of its operation the canal achieved revenues worth a total of $600m. In addition to the $600m revenues, approximately 20,000 vessels crossed the canal per year. These ships carried over 1bn tonnes of cargoes.
The UAE has eased a ban on the shipping of goods between it and Qatar, enforced under a political and economic boycott of Doha, according to port circular. An Abu Dhabi Ports circular cancelled previous directives that banned cargoes of Qatar origin from UAE waters and ports, and those of UAE origin from Qatar.
Egypt’s Suez Canal revenues fell in November, down around 8.8 % from October’s revenues as data showed from the cabinet’s website published on January 15. Although the Suez Canal reached the second highest daily traffic ever recorded on January 2 with 72 vessels with an overall tonnage of 5.1 million tons sailed through the canal, the revenues experienced a decrease.
The Afro-Asian Economic Council informed that it will launch a development project, aiming to connect Egypt and other North African countries to China’s Belt and Road Initiative. This projects aspired to improve Egypt’s position as strategic navigational and land corridor in the world.
As of 6 June 2017, ports across Saudi Arabia, Bahrain and the United Arab Emirates are closed to ships flying Qatari flags. Some ports may also be closed to ships, irrespective of their flag, that are destined for or arriving from Qatari ports, which in practice, means a trade embargo.
MOL)and El Baraka announced the formation of a joint venture company in Egypt
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