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Suez Canal setting new records, says Egypt in response to claims that maritime traffic is falling

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2 years ago

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  • Navigation movement in the canal during February 2022 reached a new high in terms of ship transit rates
  • A total of 1,713 ships crossed from both directions, with a net tonnage of 100.1 million tons

Claims that maritime traffic in the Suez Canal has fallen in the wake of Russia’s invasion of Ukraine have been rejected by the Egyptian government, which says the key trading link is setting new records.
The government’s media center said that it had contacted the Suez Canal Authority, which described the claims on social media as rumors.

Navigation movement in the canal during February 2022 reached a new high in terms of ship transit rates and net tonnages, the authority said.

“A total of 1,713 ships crossed from both directions, with a net tonnage of 100.1 million tons, compared with the transit of 1,532 ships during February last year, with a total net tonnage of 97.6 million tons,” the authority said.

It said that flexible marketing and pricing policies have encouraged new shipping lines to use the canal.

According to the government media center, the Suez Canal achieved record profits in 2021, with revenue totalling $6.3 billion, despite the effects of the pandemic on the global economy.

Performance rates in February this year are the highest for the month in the history of the canal, with revenue rising by 15.1 percent to $545.5 million, not including navigation services. This compares with $474.1 million for the same month last year.

Transit rates of various types of ships also rose compared with the same month last year, with bulk vessel numbers increasing by 29 percent, container ships by 11.8 percent and car carriers by 22.2 percent.

 

Source: AN

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CWEIC office to establish in Maldives, Janah as Chair

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2 days ago

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16/05/2024

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Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

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Dubai company awarded the development of SEZ

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6 days ago

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12/05/2024

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An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

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Over USD 713M generated attributing to revenue increasing by 3.7%

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7 days ago

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11/05/2024

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Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

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