Back to the complete issue
Sunday, 7 August 2016

El Sisi speech marks first anniversary of New Suez Canal; Mamish says canal’s USD revenues up 4% so far in 2016

President Abdel Fattah El Sisi criticized detractors of Egypt’s economic policies, saying the economic benefits of the New Suez Canal and other national projects is unquestionable. In a speech yesterday marking the one-year anniversary of the opening of the New Suez Canal, the president said critics either don’t know the truth or are deliberately attempting to “sap the will of the Egyptian people.” El Sisi also called out critics of the government’s social housing and defense spending priorities. The Associated Press’ Hamza Hendawi has a wrap-up on the speech that’s been widely picked up, helping set the tone on coverage of Egypt this morning. You can watch the president’s speech in Arabic here (runtime: 27:31).

USD-denominated revenues from the Suez Canal grew 4% in the period from January to July to USD 3.2 bn, up from USD 3.1 bn during the same period last year, said Suez Canal Authority Chairman Mohab Mamish at the anniversary celebrations. This comes despite a 14% decrease in global trade during 2015, said Mamish. He attributes the dichotomy to the Suez Canal Authority’s “new marketing strategy,” which helped attract shipping, referring to the four discounts instituted by the authority in 2016 on transit fees for routes from the Americas to Asia and South East Asia. In EGP terms, revenues, grew 13.5% during the period to EGP 26.6 bn, Mamish said.

Mamish noted that his data was verified by the CBE and displayed certification for the FX revenue figures signed by CBE governor Tarek Amer. The Suez Canal Authority had not presented its monthly accounts on Suez Canal revenues since March and had refrained from providing USD-denominated revenues from February onwards. Mamish expects total revenues to grow in conjunction with an expected 2.8% and a 3.6% increase in global trade in 2016 and 2017. You can Watch Mamish’s speech in Arabic here (runtime: 35:57).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.