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Red Sea crisis

President El Sisi of Egypt rides the Cairo metro with his French counterpart, Emmanuel Macron, with planning minister Rania Al Mashat. The line is operated by a French company and Egypt is seeking more private sector involvement in its economy as it implements IMF reforms

IMF urges Egypt to accelerate sale of state assets

The International Monetary Fund has urged Egypt to move faster in selling off state assets to spur growth and reduce debt. The country’s economic growth is forecast to increase from 2.4 percent in fiscal year 2024 to 4.3 percent in fiscal year 2026, according to Jihad Azour, director of the IMF’s Middle East and Central […]

The MT Sounion being towed through Egypt's Suez Canal earlier this month after it was attacked in the Red Sea. Suez Canal revenues have dropped from $2.4bn to $1bn

Egypt’s deficit stretched by high imports and regional tension

Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […]

Egypt has continued to implement policies to preserve stability despite ongoing regional tensions, said the IMF

IMF releases fourth tranche of loan to Egypt

The International Monetary Fund (IMF) has approved the release of funds to Egypt following the fourth review of an emergency loan progamme but has warned the government that “more decisive implementation of reforms will be critical”. This disbursement of $1.2 billion brings Egypt’s total loan to about $3.2 billion under an extended fund facility (EEF) worth $8bn, […]

construction costs

Ambitious plans accelerate Gulf construction costs

Construction costs in Saudi Arabia and the UAE are in danger of accelerating over the next few years as both countries pour billions into infrastructure, energy and housing projects, observers have warned. Rises in the prices of steel, cement, glass, aluminium and components for air conditioning systems are driving the growth of building materials costs, […]

Rerouting shipping to avoid the Red Sea has increased demand for marine fuel

Marine fuel sales in Fujairah revive on Red Sea diversions

Global marine fuel sales jumped in 2024 after attacks by Yemen’s Houthis starting in late 2023 prompted most shipping companies to divert vessels around southern Africa rather than through the Red Sea, according to data and analysts. Singapore bunker volumes logged fresh highs of 54.92 million tonnes in 2024, or about 955,000 barrels per day (bpd), while […]

The Suez Canal is ready to accommodate major shipping lines at full capacity, said Suez Canal Authority chairman Osama Rabie

Egypt urges return of Suez Canal traffic after Gaza ceasefire

Egypt has held talks with 23 maritime companies, encouraging them to resume transits through the Suez Canal following the ceasefire agreement between Israel and Hamas. There are many positive indicators for the Red Sea region as stability returns, said Osama Rabie, chairman of the Suez Canal Authority (SCA). He said the SCA has been flexible […]

middle east air cargo

Red Sea attacks and ecommerce boost Middle East air cargo

Strong ecommerce growth and attacks on shipping in the Red Sea have resulted in a 13 percent rise in air cargo shipments in the Middle East. The International Air Transport Association said global air cargo demand increased by 11.3 percent last year.  The Middle East overperformed with 14 percent growth, while European carriers reported 11.2 percent growth and […]

Members of the crew of the Bahamas-flagged vessel Galaxy Leader following their release by Yemen's Iran-aligned Houthis

Shipping giants not yet ready to resume Red Sea route

Two shipping giants said on Friday that they are in no rush to resume routes through the Suez Canal after a Yemeni militia announced earlier this week it will scale back hostilities against vessels transiting through the Gulf of Aden and Red Sea if the ceasefire in Gaza holds. Danish shipper Maersk and Abu Dhabi […]

Authorities said the canal’s extension, at the southern end and close to Little Bitter Lake, was successfully tested without incident

Suez Canal extension to be operational in first quarter

The Suez Canal expansion, which will extend the waterway’s two-way section by 10km, is expected to be operational in the first quarter of 2025, the authority’s chairman has said.  Egypt announced on Saturday that the new stretch, near the canal’s southern end and close to Little Bitter Lake, was successfully tested without incident.   Osama Rabie, chairman of […]

Economic risks were the biggest concerns for business leaders and experts across the Middle East

Inflation, not war, is Gulf states’ top concern, says WEF

Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […]

As costs of importing Middle Eastern oil rose, Europe added 162,000 bpd from Guyana and 60,000 bpd from the US

Middle East oil supplies to Europe drop, replaced by US

Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […]

Finance minister Ahmed Kouchouk said Egypt expects to receive $1.2bn from the IMF this month

Egypt targets new $3bn funding despite IMF loan

Egypt aims to raise nearly $3 billion by the end of the current fiscal year, which ends in June 2025, finance minister Ahmed Kouchouk has said. The funding will be secured through diverse issuances, Reuters reported, citing an interview with Kouchouk on ONtv, an Arabic-language channel. Kouchouk said Egypt expects to receive $1.2 billion from […]

The Egyptian government is pressing ahead with modernisation projects for the Suez Canal

Suez Canal revenue drops $7bn amid Red Sea instability

Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […]

Saudi Red Sea coral

Red Sea coral to get extra protection from tourists

Saudi Arabia has vowed to implement a series of measures to protect its Red Sea coral reef over the next five years as it pushes ahead with major tourism projects in the area. But experts have warned that Saudi coral remains at risk, even with major spending policies.  According to the National Red Sea Sustainability […]

Cargo is loaded onto an aeroplane. The Middle East-Europe route accounts for 5% of global traffic

Middle East-Europe is ‘fastest-growing route for air cargo’

The Middle East-Europe route for air cargo was the fastest growing in the world in October, according to International Air Transport Association figures.  Annual growth in cargo tonne-kilometres stood at 15.3 percent in October, IATA said. The global average is 9.8 percent and the Middle East average is 4.5 percent. The Middle East-Europe route has […]

Ngozi Okonjo-Iweala, WTO director-general, said the potential escalation of conflicts in the Middle East could lead to further increases in transport and energy costs

WTO predicts Middle East trade slowdown in 2025

Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said.  In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […]

Air freight has been an increasingly important method of transportation since the conflict in the Middle East erupted and shipping routes were disrupted

Saudi Arabia and US expand aviation deal to include cargo

Saudi Arabia and the US have expanded their bilateral aviation agreement to allow seventh freedom traffic rights for all-cargo flights. Seventh freedom allows airlines to carry on flights that originate in a foreign country, bypass its home country, and deposit the cargo or passengers at another international destination. The amendment will allow Saudi Arabian airlines […]

Water, Waterfront, Construction

Suez Canal Economic Zone plans $3bn investment

Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to […]

Passengers in Terminal 3 at Dubai Airport. The UAE and Saudi Arabia reported respective air traffic growth of 39 percent and 30 percent

Gulf air traffic rebounds but fares still high

Air traffic in the Middle East and North Africa region has rebounded beyond pre-pandemic levels, with Saudi Arabia and the UAE marking the highest gains in volume. Traffic up to the second quarter of 2024 has also surpassed levels seen before 2020, according to a study by Airports Council International (ACI).  Bahrain (+24 percent), Qatar […]