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Wednesday, 3 August 2022

Suez Canal revenues hit record high in July

Record Suez Canal revenues in July: Revenues at the Suez Canal reached a record high of USD 704 mn in July, Suez Canal Authority Chairman Osama Rabie said yesterday. This is 32% higher than July 2021. The strong revenues were backed by a rise in tonnage transiting the canal, which hit a record 125.1 mn tons during the month, he said.

Conditions have been kind to the canal of late: Suez Canal revenues jumped 20% to a record USD 7 bn last fiscal year thanks to a global surge in oil prices and freight rates, as well as the crisis in Ukraine making the canal more attractive than other routes.

IN REAL ESTATE- EGX-listed MNHD reports EGP 400 mn at Elect, its new development at Taj City, since sales opened on 26 July 2022. That represents c. 50% of the development’s first phase, the company said in a statement (pdf). Taj City is a 3.5 mn sqm mixed-use development in New Cairo. “More than 43% of MNHD’s land bank at Taj City was unlaunched at the close of Q1 2022, leaving significant room for profitable residential and commercial development at the strategically located project,” the company said.

OTHER THINGS we’re keeping an eye on this morning:

  • Red Sea jet ski ban: The Red Sea Governorate has banned the use of jet skis on safety grounds and could impound vehicles that are used. The ban was first issued in 2010 but had enforced until now, according to a government statement. The ban comes just days after a jet ski accident near Marina on the Mediterranean coast killed one and injured two.
  • Palestinian singer and composer Nai Barghouti said Monday that she was denied entry to Egypt for unknown reasons, forcing her to cancel a series of concerts in Cairo and Alexandria. (Statement)

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