First Independent Mena Newspaper
The Central Bank of Egypt (CBE) announced on Sunday that the country’s net international reserves reached a historic 50.07 billion U.S. dollars by the end of October, up from 49.53 billion dollars in September. This marks the highest level of foreign reserves in Egypt’s history, reflecting the impact of ongoing financial reforms and a resurgence […]
Egypt’s Suez Canal recorded a 14.2 percent year-on-year revenue increase between July and October, driven by easing tensions in the Red Sea and renewed vessel movement following the Gaza ceasefire. Canal Authority Chairman Osama Rabie confirmed that 229 ships transited in October, the highest monthly tally since the onset of the regional crisis, with 4,405 […]
Egypt’s current account deficit narrowed significantly to $13.2 billion during the first nine months of the 2024/2025 fiscal year, down from $17.1 billion a year earlier, the Central Bank of Egypt announced on Tuesday, July 22. This improvement was driven primarily by an 86.6% surge in remittances from Egyptians abroad, reaching $26.4 billion, and a […]
A significant reduction in maritime traffic through the Suez Canal has been recorded, with figures showing a nearly 50 percent drop in the first quarter of 2025, according to statements made on Wednesday, April 16, by Suez Canal Authority (SCA), Chairman Osama Rabie. The decline has been attributed primarily to ongoing security threats in the […]
The United States has vowed to use “overwhelming lethal force” against Yemen’s Houthi rebels, following a series of airstrikes that killed at least 53 people over the weekend. The Pentagon emphasized that while the strikes are meant to deter the Houthis from resuming attacks, they do not aim to create an “endless offensive” or bring […]
Egypt’s current account deficit more than doubled to $5.9 billion in the July-September 2024 quarter, up from $2.8 billion in the same period last year, according to the Central bank on January 16. A significant contributor to this widening deficit was a sharp drop in Suez Canal revenues, which fell by 61.2% to $931.2 million, […]
Egypt said its revenue from the Suez Canal shrunk by 60% as the Yemeni Houthi rebels continue targeting vessels. “We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion,” Egyptian President Abdel Fattah el-Sissi said, warning of the repercussions […]
Sudan has dismissed all reports of Iran’s intention to establish a naval base on the country’s Red Sea coast, which comes at a time when the creation of the Russian Navy in the country has been postponed indefinitely due to the ongoing fighting. Sudanese Minister of Foreign Affairs Ali Al-Sadiq Ali was quoted by Sputnik […]
Escalating attacks by Yemen’s Houthi rebels on ships in the Red Sea have not only unraveled a key global trade route, sending shipping and insurance costs soaring, but they are also threatening to again push up the cost of living in Africa that is already struggling with crippling debt. The Red Sea crisis and the […]
A Hong Kong-flagged ship has run aground in Egypt’s Suez Canal causing traffic jam, reports say adding that authorities are at work to refloat the ship. “M/V XIN HAI TONG 23 has grounded in the Suez Canal at KM 159/0400 hrs”, Leth Agencies said in a tweet. The situation, the agency said, left behind 4 […]