WATANI International
8 August 2010
Revenue rebounds
The Suez Canal revenue has seen a rebound in the past fiscal year after a sharp decline due to the impact of the global economic slowdown. The drop in revenue for the last fiscal year, which started in July 2009 and ended in June 2010, was only 4.2 per cent, compared with a fall of 20.3 per cent in the previous fiscal year, Ahmed Fadel, chairman of the Suez Canal Authority, last week said. The number of ships passing through the waterway increased 3.3 per cent in the first half of 2010 to reach 8,651, compared with 8,375 in the same period last year, while the volume of cargo grew 20 per cent to 313.4 million tons. The canal revenue for the first half of 2010 reached USD2.25 billion, a growth of 12.5 per cent from the same period in 2009. In January this year, the Authority began to increase the permissible draught of passing vessels to 66 feet and decided to keep the traffic tolls unchanged and maintain all initiatives and rebates for some kinds of ships. Around seven per cent of sea transported world trade passes through the Suez Canal, making it a barometer of global trade. The Suez Canal revenue is one of the major sources of income for Egypt.
Egyptian textiles to US
The first quarter of 2010 has seen an increase in Egyptian exports of textiles and garments to the United States, according to a recent report by the Egyptian Commercial Representation Office in Washington, DC. At USD327.8 million of textile and garment exports to the US during Q1 2010, compared to USD313.8 million during the same period in 2009, the rise in exports amounts to some 4.5 per cent.
Cooking gas to Jordan
Egypt has agreed to provide Jordan with natural gas to implement a gas-distribution project to houses and industries in Amman and Zarqa through a pipeline network. The proposed pipeline is expected to deliver gas for houses in Amman by 2013; about 280,000 houses and 4000 industrial and commercial establishments are expected to benefit from the project, Jordanian officials said.
In Doha
A joint venture of Egypt’s Orascom Construction Industries (OCI) has won a contract worth USD750 million to expand Qatar international airport. BESIX Group, itself a 50-50 venture between OCI and Belgian construction group BESIX, will team up with Midmac Contracting to provide all structural, mechanical and electrical works and design coordination for the airport’s lounge and retail area. The project at the Doha International Airport is scheduled for completion by the fourth quarter of 2012.
Sawiris Eyeing Investments
Egypt’s Weather Investments, owned by Egyptian businessman Naguib Sawiris, is considering investments in Poland and Serbia, Sawiris was recently quoted as saying. Weather has invited bids for the sale of its Greek subsidiary, Wind Hellas, which is restructuring a EUR1.8 billion debt for the second time in less than a year. Sawiris was also quoted as saying Orascom’s mobile subscribers would exceed 100 million worldwide by end-2010, with those in Canada exceeding 100,000 and in North Korea 200,000.
Into Africa
Egypt’s renewed interest in Africa has prompted the Ministry of Culture to arrange for Egyptian cultural and artistic activities in several African countries. The near future should be seeing book fairs, seminars, fine art exhibitions and folk dance performances in various African towns.