Official statements in Egypt about a 60 percent decline in revenues from the Suez Canal have renewed questions about Cairo’s options to confront the impact of Red Sea tensions on the canal. While some experts talked about diplomatic routes, others stressed that the Egyptian effort has limited results due to complex political obstacles that have led to these tensions, mainly the war in Gaza. Minister of Finance Mohamed Maait, said that the Suez Canal revenues declined by 60 percent.
Egypt is committed to safeguarding its national security and considers any attempt to displace Palestinians forcibly an infringement upon its sovereignty, asserted Prime Minister Mostafa Madbouly on Tuesday. Madbouly pledged that Egypt would not hesitate to use all measures to safeguard its borders in the event of any scenario regarding the displacement of Palestinians into Egyptian territories.
Egypt and Saudi Arabia are considering the possibility of using local currencies in part of their trade exchange during the coming period, according to the head of the Commercial Representation Authority of the Egyptian Ministry of Trade and Industry Yahya Al-Wathiq Billah, Asharq Business reported.
A new round of negotiations at the ministerial level between Egypt, Ethiopia and Sudan kicked off in Cairo on Monday over the Grand Ethiopian Renaissance Dam (GERD). The meeting came amid “low expectations” on reaching positive results, in light of the failed previous rounds of negotiations between the three parties. According to a statement from the Egyptian Ministry of Water Resources and Irrigation, the Cairo meeting follows up on recent talks held in Cairo and Addis Ababa over the past two months.
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