has become one of the most significant international crises in the seven-year rule of Egypt’s President Abdel Fattah Al Sisi, bringing unwelcome scrutiny to a multibillion-dollar wager he made on the waterway’s expansion., saying it marked the “rebirth of Egypt.” The $8.5 billion “New Suez Canal” was intended to help the country turn a page on the upheaval of the Arab Spring and the army takeover that brought Mr. Sisi to power.
However, a boom in revenues from the canal hasn’t materialized, and now one of the world’s busiest shipping lanes is atafter the towering 1,300-foot cargo ship the Ever Given ran aground Tuesday. About 300 ships are waiting on either side of the canal. Shippers and insurance companies face billions of dollars in losses. Mr. Sisi, as a result, is coming under immense pressure to unblock the canal as soon as possible, or risk Egypt’s future shipping traffic as cheaper oil prices make a longer journey around southern Africa more affordable.
“They really need to paint that we are efficient, we will take care of it,” said Ahmed Darwish, a former cabinet minister and chairman of the Suez Canal Economic Zone under Mr. Sisi. “I think the damage is more a marketing damage than true financial damage,” he said.
Blaming this on Al Sisi is the most stupid thing. He has nothing to do with it.
Is this channel going to stay the same for millions of years to come!!! Shouldn't the size be expanded or any other solution
Hey he is trying to expand !
The police of Bangladesh is now a gangster force, RAB is a violent force, BGB is a gumanta force, army is a mafia force. Journalists are the oil-killing forces. The judiciary is a wax doll! This is the present Bangladesh.
Regret is a waste of energy. Don't stay home and not get paid, buy Bitcoin and register with a license trading company to earn guaranteed Passive income (13% interest on all your investment) lisadonaldT
How I wish all traders are like mar_vins1 there won't be any loss of money because I and so many of my friends traded with him and got our profit , thanks once again Mr mar_vins1
Tiger woods?