Finance Egypt to float Suez Canal subsidiary next year By Pramod Kumar July 17, 2024, 7:08 AM Reuters/Mohamed Abd El Ghany Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the sale of a 20 percent stake in Canal Mooring on the Egyptian Stock Exchange, Egypt Today newspaper reported. NewsletterGet the Best of AGBI delivered straight to your inbox every week Rabie said that the SCA is seeking a 25 percent increase in revenue to $9 billion from the Suez Canal operation in 2024/2025, from $7.2 billion a year ago, Bloomberg Ashraq reported. He admitted that the tensions in the Red Sea were still impacting the Suez Canal significantly. Expansion work begins at Egyptian Red Sea port In times of conflict, spare a thought for the non-Gulf economies Volumes up at Saudi ports in spite of Red Sea attacks Finance minister Mohamed Maait said in May that revenues could fall by up to 60 percent due to the disturbances to global shipping. During the first four months of the year, Red Sea shipping fell by almost half compared to the same period last year.
Energy Turkey to triple cross-border electricity links Turkey is aiming to triple its electricity interconnections with neighbouring countries and is set to supply power to Syria soon, a news report said. Ankara is currently supplying electricity to Iraq, Daily Sabah newspaper reported citing energy and natural resources minister Alparslan Bayraktar’s speech at a panel discussion at the International Renewable Energy Agency (Irena) […] 4 hours ago
Energy Oil prices remain near four-month highs above $80 Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration’s toughest sanctions yet on Russian oil. Brent futures slipped 22 cents, or 0.27 percent, to $80.79 a barrel by 01:22 GMT, while US West Texas Intermediate (WTI) crude fell 16 cents, […] 3 hours ago
Construction Abu Dhabi buys stake in US power company for $500m A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen, is owned by affiliates […] 2 hours ago
Banking & Finance Qatar National Bank reports strong profit growth Qatar National Bank, the Middle East and Africa’s largest lender by assets, reported a 11 percent rise in fourth-quarter profit on Monday as net interest and fee income increased. QNB, which is 50 percent owned by Qatar’s government, dominates the country’s banking sector and has sizeable operations in Egypt and Turkey. It made a fourth-quarter […] 8 hours ago
