Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says
Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says/node/2593982/business-economy
Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says
The Suez Canal is a vital shipping route. Shutterstock
Short Url
https://arab.news/wwdjq
Updated 18 March 2025
Reuters
Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says
Updated 18 March 2025
Reuters
CAIRO: Egypt’s President Abdel Fattah El-Sisi has announced that the monthly losses of the Suez Canal revenues reached around $800 million due to the regional “situation,” as Yemen’s Houthis have been attacking vessels in the Red Sea.
The Iran-backed Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.
The Egyptian presidency statement did not directly refer to the Houthis, but El-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.
The Yemeni group recently vowed to resume attacking US vessels in the Red Sea, in response to deadly US strikes on Yemen that killed at least 53 people on Saturday, in the biggest US military operation in the Middle East since President Donald Trump took office in January.
They also said last week they would resume attacks on Israeli ships passing through the Red Sea if Israel did not lift a block on aid entering Gaza.
Developed by Innovez One, a leading port management system provider, the technology optimizes resource allocation and enables real-time tracking of marine activities across ADNOC L&S’s UAE ports
Updated 16 September 2025
Arab News
RIYADH: ADNOC Logistics and Services has launched the Gulf Cooperation Council’s first AI-powered Smart Port Solution to enhance petroleum port operations, according to the Emirates News Agency.
Developed by Innovez One, a leading port management system provider, the technology optimizes resource allocation and enables real-time tracking of marine activities across ADNOC L&S’s UAE ports, including Das, Zirku, Mubaraz, Ruwais, and Jebel Dhana.
The solution slashes vessel turnaround time by up to 90 percent, reducing service sourcing from three hours to 45 seconds. It is projected to save 3,000 hours annually, yielding operational savings of $950,000 by 2028. Additionally, jetty utilization has increased by 20 percent, boosting overall port efficiency and improving vessel management by 10 percent.
Capt. Abdulkareem Al-Masabi, CEO of ADNOC L&S, emphasized the company’s focus on innovation: “This smart port solution reinforces our commitment to leveraging AI to optimize operations, drive value for our business and customers, and advance sustainability.”
David Yeo, CEO of Innovez One, highlighted the collaboration’s impact: “Our AI-driven solution not only streamlines workflows but also supports ADNOC L&S’s sustainability goals, positioning UAE petroleum ports as a global benchmark for smart operations.”
ADNOC L&S’s adoption of cutting-edge AI aligns with its strategy for operational excellence and sustainable growth.
’s Social Development Bank grants $1.73bn in financing by Q3
Updated 16 September 2025
Nirmal Narayanan
RIYADH: ’s Social Development Bank disbursed SR6.5 billion ($1.73 billion) in financing in the first nine months of 2025, benefiting over 90,000 citizens and enterprises, after extending SR8 billion in 2024.
Of this, SR2.5 billion supported self-employed practitioners and productive families, reaching 53,000 beneficiaries — including 14,500 in the third quarter, the Saudi Press Agency reported.
Strengthening small, medium, and emerging industries is a key goal of ’s Vision 2030, as the Kingdom works to diversify its economy and reduce its decades-long reliance on crude oil revenues.
FASTFACTS
More than SR2.4 billion went to 7,300 small and emerging enterprises, with 2,400 of them financed in the third quarter alone.
Social financing accounted for SR1.6 billion, benefitting 30,000 people, including 10,000 during the latest quarter.
Quoting Ahmed Al-Rajhi, minister of human resources and social development and chairman of SDB, SPA stated that “the achievements reflect the effectiveness of the Bank’s strategic directions in empowering individuals and establishments, and providing an attractive labor market for local and global capabilities, in support of the national economy.”
The report added that more than SR2.4 billion went to 7,300 small and emerging enterprises, with 2,400 of them financed in the third quarter alone. Social financing accounted for SR1.6 billion, benefitting 30,000 people, including 10,000 during the latest quarter.
Sultan Al-Hamidi, CEO of SDB, said these achievements align with the support the bank receives from Saudi leadership to advance the Kingdom’s comprehensive development.
He added that the institution will continue serving as a national development enabler through an integrated system of financing and non-financing solutions aimed at empowering entrepreneurs, fostering enterprise growth, and transforming ideas into sustainable projects.
In December, SDB signed an agreement with Saudi National Bank to launch a financing portfolio to support entrepreneurship in the Kingdom.
The portfolio, introduced under SNB’s Ahalina program, was set to provide SR10 million ($2.66 million) in funding to entrepreneurs, SPA reported at the time.
Under the deal, SNB and SDB agreed to strengthen public-private cooperation to boost the Kingdom’s entrepreneurial landscape.
, New Zealand deepen ties with $100m in commercial deals
Trade and Investment Minister Todd McClay led a delegation of 21 New Zealand businesses to
is one of New Zealand’s largest and fastest-growing export destinations in the Middle East.
Updated 17 September 2025
Lama Alhamawi
RIYADH: is one of the most dynamic markets in the Middle East, New Zealand’s trade minister has claimed after deals valued at $100 million were signed by businesses from the two countries.
Todd McClay spoke to Arab News during a visit to Riyadh where he led a delegation of 21 New Zealand businesses to promote trade and investment ties with the Kingdom.
The memorandums of understanding signed during the trip included those involving NIG Nutritionals and Al Dawaa Pharmacies, 26 Seasons and Qassim Strawberry & Fruit Cooperative Society, and Gallagher Animal Management and Al Tajweed.
“These partnerships mark an important step in deepening New Zealand’s trade relationship with and across the Gulf region. Together, they are expected to generate more than $100 million in commercial value for New Zealand,” McClay said.
“This will give our exporters a significant boost, reinforce New Zealand as a reliable trade partner, and contribute to our goal of doubling the value of exports in 10 years,” he added.
The official also held a meeting with Khalid Al-Falih, ’s Minister of Investment, to discuss opportunities for deeper investment links between the two countries.
The meeting builds on the conclusion of the New Zealand–Gulf Cooperation Council Free Trade Agreement last year and a growing commitment to enhanced trade and investment cooperation.
“We reached an agreement with in the GCC last year for a free trade agreement, and we’re looking forward to signing it in the region in the coming months,” McClay told Arab News.
“But this was an opportunity to bring a number of New Zealand businesses here to find partners and people to trade and invest with, to grow a strong business relationship in the Kingdom,” he added.
Trade with has grown significantly in recent years, with exports up 118 percent since 2021. According to the New Zealand Ministry for Trade & Investment and Agriculture, is one of the two largest export destinations in the Middle East, and the 18th largest market globally.
As of June, two-way trade reached 1.6 billion New Zealand dollars ($960 million), with exports valued at 1.35 billion dollars. Dairy dominated at 80 percent of New Zealand exports, followed by meat at nearly 10 percent.
According to the New Zealand Year-end June report, is New Zealand's 22nd largest trading partner.
Todd McClay. (AN photo by Huda Bashatah)
“ is one of the most dynamic markets in the Middle East, worth$2.8 trillion and is driving one of the largest global transformations and rebuild programs through its Vision 2030 strategy,” McClay said.
The minister believes the success of the negotiation of the trade agreement is “significant,” saying: “It’s one of the first trade agreements that the GCC has concluded in quite a long period of time that they’ve decided to do it with New Zealand, I think, is an honor for us.”
He added: “But it really now is just the foundation for how we can grow that relationship further.”
Todd McClay speaking to Arab News. (AN photo by Huda Bashatah)
is already one of New Zealand’s largest and fastest-growing export destinations in the Middle East.
As of 2025, the two countries mark 48 years of diplomatic relations. Exports have more than doubled in four years, from $620 million in June 2021 to $1.35 billion in June, bringing two-way trade to $1.58 billion.
During his trip the minister held multiple sideline meetings, including with the Saudi Public Investment Fund to scout opportunities available in the Kingdom, as well as visiting the Expo 2030 site.
RIYADH: ’s Tadawul All-Share Index rebounded on Tuesday, gaining 91.67 points, or 0.88 percent, to close at 10,518.73.
The total trading turnover of the benchmark index was SR4.32 billion ($1.15 billion), with 233 stocks advancing and 20 declining.
’s parallel market, Nomu, also rose 0.29 percent, closing at 25,022.58.
The MSCI Tadawul Index edged up 0.81 percent to 1,369.12.
The best-performing stock on the main market was Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, with its share price rising 9.97 percent to SR28.68.
Retal Urban Development Co. shares climbed 5.85 percent to SR12.30, while Saudi Ground Services Co. gained 5.60 percent to SR44.10.
Conversely, National Medical Care Co. fell 1.82 percent to SR161.50.
In corporate news, Almarai Co. announced the launch of its dollar-denominated sukuk under its $2 billion Trust Certificate Issuance Program.
According to a Tadawul statement, the offering period began on Sept. 16 and will run through Sept. 17. The minimum subscription is $200,000, in increments of $1,000, while the final value, return, and maturity will be determined by market conditions.
Almarai’s share price rose 2.53 percent to SR45.10.
First Milling Co. said it signed a binding agreement to acquire 60 percent of the share capital of Al-Kenan Al-Arabia Trading Co., a single-person limited liability company registered in .
The Tadawul statement noted that the transaction includes the transfer of ownership in accordance with the agreement’s terms and conditions, subject to regulatory approvals and customary conditions required to complete such deals.
First Milling added that the acquisition aligns with its growth strategy, aimed at expanding activities in the feed sector, diversifying revenue sources, and strengthening its market position in the Kingdom and beyond.
The company’s share price rose 0.69 percent to SR51.30.
PIF-backed AviLease, Hassana form aircraft leasing JV
Updated 16 September 2025
Mohammed Al-Kinani
JEDDAH: ’s Public Investment Fund-backed AviLease has partnered with Hassana Investment Co. to establish a new aircraft leasing joint venture, underscoring growing public-private collaboration in advancing the Kingdom’s aviation sector.
Hassana, the investment manager of the General Organization for Social Insurance, will hold the majority stake in the venture. AviLease, which manages an aircraft portfolio worth over $7 billion, will act as the platform’s aircraft service provider, according to a press release.
The partnership comes as AviLease expands, having placed Boeing and Airbus orders in June, secured a $1.5 billion financing facility in April, and received investment-grade ratings.
The company is targeting a fleet of about 200 aircraft in ’s growing aviation market.
The move aims to broaden access to aviation financing for local and international investors while supporting the Kingdom’s National Aviation Strategy. This supports the Kingdom’s updated target of drawing 150 million visitors a year by 2030, up from the original Vision 2030 goal of 100 million.
AviLease CEO Edward O’Byrne said the collaboration with Hassana enhances the company’s position as a PIF-backed lessor.
“The proposed joint venture is a foundational step in building a scalable platform that supports the growth of ’s aviation ecosystem. We look forward to further developing this partnership through future transactions and expanding our footprint in the global aircraft leasing market,” he added.
As its first transaction, the JV will acquire a portfolio of 10 aircraft from AviLease, currently leased to Saudi carriers. The fleet consists of new-generation, fuel-efficient models, aligning with ’s push to boost efficiency and sustainability in its expanding aviation infrastructure.
Hani Al-Jehani, acting CEO and chief investment officer, Hassana, said: “This strategic partnership underscores our commitment to investing in resilient assets that generate sustainable, long-term cash flows supported by strong fundamentals.”
He added: “Through our collaboration with AviLease, we aim to strengthen our exposure to the aviation leasing sector while advancing the Kingdom’s broader aviation aspirations.”
Al-Jehani said the initiative is fully aligned with the mandate to pursue attractive investment opportunities that advance the fund’s portfolio objectives.
Fahad Al-Saif, chairman of AviLease, called the partnership “a significant step,” adding that it represents the private sector’s first entry into the fast-growing aviation leasing space and reflects deeper collaboration between PIF companies and private investors.
He further emphasized that such partnerships provide a robust financial platform, capable of attracting high-quality local and international investments while reinforcing ’s growing financial market presence regionally and globally.
Hassana manages more than SR1.2 trillion ($300 billion) in assets, deploying its scale and expertise across sectors and geographies to generate long-term value.
Earlier this year, the firm signed a memorandum of understanding with Saudi Real Estate Refinance Co., another PIF subsidiary, to launch the region’s first residential mortgage-backed securities — further reflecting its role in diversifying ’s financial markets and pioneering innovative investment initiatives.
