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Thursday, 14 October 2021

Suez Canal revenues up 12.4% so far this year

The global rise in commodity prices is hitting local aluminium, as Egypt Aluminum has raised the price at which it sells to factories and distributors to EGP 55-66k per tonne, up by nearly EGP 4-5k from last month.

Suez Canal Revenues were up 12.4% y-o-y between January and 12 October this year, Suez Canal Authority boss Osama Rabie said on the airwaves yesterday (watch, runtime: 11:21). The canal’s receipts reached USD 4.86 bn up until this point, with 13.3k vessels carrying 7% more cargo on an annual basis.

Other things we’re keeping an eye on this morning:

  • Civil aircraft leasing agreements could eventually be exempted from the VAT after the Madbouly cabinet greenlit a decision to amend some provisions of the VAT Act.
  • The Suez Canal Authority signed a cooperation protocol with Siemens that will see the latter train engineers and technicians working for the SCA. The two sides are also studying a potential maintenance and spare parts supply contract.
  • Raya Holding’s Aman has obtained an SME lending license from the Financial Regulatory Authority.
  • The tender to establish the Tenth of Ramadan City dry port and logistics hub has received offers from six unnamed consortiums after having been launched last June.

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