The proposed partnership aims to facilitate the exchange of expertise, offer comprehensive logistic services, and focus on shipbuilding, particularly bulk carriers
Egyptian and Saudi Arabian officials are exploring avenues to enhance maritime cooperation and revamp the Egyptian fleet. The Chairman of the Suez Canal Authority, Osama Rabie, and the Minister of Transport, Kamel al-Wazir, recently held a meeting with a delegation from Bahari, Saudi Arabia's national shipping carrier, to discuss potential partnerships and collaborations in the field maritime transport.
One of the key objectives of the meeting was to establish a partnership between Bahri and Al Kakera Company for Ferries and Maritime Transportation (KCFMT), a state-owned Egyptian firm. The proposed partnership aims to facilitate the exchange of expertise, offer comprehensive logistic services, and focus on shipbuilding, particularly bulk carriers.
The collaboration seeks to foster knowledge exchange, create new prospects for Egyptian-Saudi cooperation, and provide integrated logistical services that benefit both countries. Additionally, the meeting explored the possibility of future cooperation in shipbuilding and scrapping. This cooperation would involve national companies and arsenals associated with the Egyptian Ministry of Transport and the Suez Canal Authority.
In November 2023, the Suez Canal witnessed a significant surge in revenues, as reported by Osama Rabie, the Chairman of the Suez Canal Authority. Revenues for that month amounted to $854.7 million, surpassing the $710.3 million recorded in November 2022, marking a robust 20.3% increase.
Furthermore, ship traffic through the Suez Canal experienced a growth of 4.3% in November 2023. The number of ships that transited the canal during that month totaled 2,264, compared to 2,171 in November 2022.
Earlier this year, Egypt established an ambitious revenue target of $8.8 billion from ship transit fees in the Suez Canal for 2023. This target represented a 10% increase over the previous year's revenues, reflecting the country's commitment to further developing the canal's operations and maximizing its economic potential.
