Arab Today, arab today egypt defies time to complete new suez canal project
Last Updated : GMT 00:26:33
Arab Today, arab today
Arab Today, arab today

Egypt defies time to complete new Suez Canal project

Arab Today, arab today

Arab Today, arab today Egypt defies time to complete new Suez Canal project

New Suez Canal project
Washington - MENA

The inauguration of the new Suez Canal is an evidence that the stability has returned and that an environment exists in which things can be done: businesses can grow, banks can lend, and people can hope, Forbes Magazine reported.

"It’s good news economically. The canal’s own officials believe that the expansion will increase the number of ships per day using the canal from 49 to 97 by 2023, will generate $13.2 billion by 2023 up from $5.3 billion today, and has achieved all this two years ahead of time," the magazine's economic analyst Chris Wright said.

An $8 billion project largely funded through investment certificates, it also demonstrated the liquidity that is available in Egypt for the right investments (although some would prefer that this had been tapped for a wider range of projects than just the Suez Canal), he added.

Hisham Ezz Al-Arab, the chief executive of Commercial International Bank , Egypt’s largest private sector bank, said that the country is emerging from volatility in decent shape, Wright quoted Hisham as saying.

“The worst is very much behind us,” he says.

His own bank’s results are improving dramatically: between the 2013 and 2014 financial years, market capitalisation rose 52.31%, pre-tax profits 32.56% and total assets 26.43%.

There is some broader empirical evidence to support this positive view. Earlier this year Moody MCO -0.23% upgraded Egypt to B3, the first upward notch after six downward ones in the wake of the revolution.

Egypt continued to grow at 2.7% on average per year from 2010 to 2014 despite the volatility around it, partly because it has an enormous (and statistically invisible) grey market economy which apparently never slowed.

Earlier this year Moody’s said consensus forecasts were for 4.5% growth in 2015 and 5% in 2016, although there are continuing concerns about inflation pressures, foreign exchange reserves, the fiscal deficit, and government debt as a percentage of GDP.

The Suez Canal expansion is a great achievement and will help Egypt present itself on the world stage as a country going in the right direction.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt defies time to complete new suez canal project Arab Today, arab today egypt defies time to complete new suez canal project

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt defies time to complete new suez canal project Arab Today, arab today egypt defies time to complete new suez canal project

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday