Maritimetekers

Rabie receives a delegation from the International Monetary Fund IMF mission

Ports

The Suez Canal generated total revenues of $40 billion between 2019 and 2024.

Head of IMF Mission: "We commend the Suez Canal's ability to manage various crises and respond flexibly to challenges."

Osama Rabie Chairman of the Suez Canal Authority SCA received a delegation from the International Monetary Fund (IMF) headed by Ms. Ivana Vladkova Holar, to learn more about the Authority's various activities and projects, and the future outlook for canal traffic in light of the return of stability to the Red Sea region.

The meeting was attended by Admiral Ashraf Atwa, Vice Chairman of the Suez Canal Authority, Mr. Yasser Sobhy, Deputy Minister of Finance for Fiscal Policies, several members of the Authority's Board of Directors, and representatives from the Ministry of Finance, at the Authority's Maritime Simulation and Training Academy in Ismailia Governorate. This meeting took place on the sidelines of the official visit of the IMF mission to Egypt and within the framework of the fruitful cooperation between the Suez Canal Authority and the Ministry of Finance.

The Fund's pivotal role

At the outset of the meeting, Lieutenant General Osama Rabie welcomed the IMF mission delegation to the Suez Canal Authority and expressed his appreciation for the Fund's pivotal role in supporting development efforts and enhancing the efficiency of fiscal and monetary policies.

Suez Canal has successfully withstood numerous challenges

The Chairman of SCA emphasized that the Suez Canal holds special importance for the Egyptian economy, representing a major source of foreign currency. He noted that the canal generated total revenues of $40 billion between 2019 and 2024.

Admiral Rabie Highlight that the Suez Canal has successfully withstood numerous challenges over the past years, most notably the COVID-19 pandemic, the grounding of the container ship Ever-given , the Russian-Ukrainian conflict, and most recently, the Red Sea crisis. This success was attributed to the canal's flexible approach to global economic fluctuations, its continuous communication with clients, and its responsiveness to their needs through flexible marketing and pricing policies.

Mitigated the effects of the Red Sea crisis

Rabie pointed out that the Canal successfully mitigated the effects of the Red Sea crisis by adopting an ambitious strategy based on diversifying revenue streams and adding new maritime and logistical activities and services that were not previously available. These include waste removal services through Antipollution Egypt, a partnership between the Authority and Antipollution Egypt, as well as ship maintenance and repair services, crew replacement services, pollution control services, and others. Furthermore, the Authority has strengthened efforts to localize maritime industries and open new export markets.

Sharm El-Sheikh Peace Summit

Admiral Rabie explained that the Sharm El-Sheikh Peace Summit was a pivotal event in restoring stability to the Red Sea region after nearly two years of negative impact due to security concerns. He noted that navigation rates through the Canal have improved with the return of stability to the Red Sea region.

Suez Canal's shipping statistics

He noted that the Suez Canal's shipping statistics show that since the beginning of July, 5,874 ships have transited the canal, with a total net tonnage of 247.2 million tons, generating revenues of $1.97 billion. This compares to 5,584 ships transiting the canal with a total net tonnage of 216.0 million tons and revenues of $1.677 billion during the same period last year, representing increases of 5.2% in the number of transiting ships, 14.4% in tonnage, and 17.5% in revenues.

Rabie also reviewed the total expected revenues for the Suez Canal in the coming period. Estimates indicate an improvement in canal revenues during the 2025/2026 fiscal year, rising to approximately $8 billion during the 2026/2027 fiscal year, and reaching approximately $10 billion during the 2027/2028 fiscal year.

Economic and developmental projects and activities of the Suez Canal

The presentation also addressed the various economic and developmental projects and activities of the Suez Canal Authority in the fields of fish farming, industrial development (including the establishment of a floating pontoon factory and a locomotive manufacturing plant in Safaga), and the establishment of a petrochemical complex in Ain Sokhna. It also covered the Authority's service activities for the Canal cities, including the provision of water purification, healthcare, education, and other services.

In closing, the Chairman of SCA emphasized the important role of international economic institutions in conveying a positive image of the current situation in the Red Sea region and encouraging a return to transit through the area.

The strategic importance of the Suez Canal

On the other hand , Ms. Ivana Vladkova-Hollar, Head of the International Monetary Fund (IMF) Mission to Egypt, affirmed the strategic importance of the Suez Canal to global trade. She emphasized that the advanced navigational and logistical services offered by the canal, along with the significant time and distance savings it provides, make it a key element in supporting international supply chains and trade.

The IMF Mission Head commended the Suez Canal's ability to manage various crises and respond flexibly to challenges by improving service efficiency and maintaining continuous communication with clients. She stressed that these efforts contribute to supporting the sustainability of maritime traffic and restoring stability in the Red Sea.

The visit included watching a naval training exercise at the Maritime Training and Simulation Academy, followed by a visit to the Suez Canal Museum, then a boat tour of the new Suez Canal, and a visit to the Suez Canal Yacht Marina in Ismailia.

Official Spokesperson for the Suez Canal Authority George Safwat stated

Ms. Ivana Vladkova-Hollar , Suez Canal , Osama Rabie Red Sea , Suez Canal Yacht Marina IMF mission,