Banking & Finance Egypt’s Suez Canal to increase transit fees by up to 15% in 2023 By Pramod Kumar September 18, 2022, 10:44 AM SCA The increased fees for passing the canal are "inevitable and a necessity" to deal with the current global inflation rates. Egypt will increase fees for ships passing through the Suez Canal by 15 percent in 2023, Suez Canal Authority (SCA) chairman Osama Rabie said. Transit fees for bulk and tourist ships will be raised by 10 percent. He said that the increased fees for passing the canal are “inevitable and a necessity” to deal with the ramifications of the current global inflation rates that have reached more than eight percent. Rabie added that the SCA has been monitoring “unprecedented” daily increases in charter rates for most types of vessels. The authority forecasts a continuation of this trend in the coming year. The fee increase will be from January 1, 2023.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 2 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 3 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 6 mins ago
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] 2 hours ago
