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Suez Canal Authority: Revenues Drop 40% Since Beginning of the Year

A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
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Suez Canal Authority: Revenues Drop 40% Since Beginning of the Year

A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)

Dollar revenues from Egypt's Suez Canal have dropped 40% from the beginning of the year compared to 2023, canal authority head Osama Rabie said on Thursday.
The drop was reported after attacks on ships in the Red Sea by Yemen's Houthis which caused major shippers to divert away from the route, according to Reuters.
Rabie said in a late television program that ship transit traffic declined 30% between Jan. 1 and 11 compared to a year prior.
He said the number of vessels to pass through the Suez Canal dropped to 544 this year from 777 in the equivalent period of 2023.
The Suez Canal is a crucial source of scarce foreign currency for Egypt, and authorities have been trying hard to boost revenues recently, including through a canal expansion in 2015. A further expansion is underway.
The Houthis have been attacking commercial ships in the Red Sea for weeks to support Hamas in the war against Israel.
Many commercial shippers are diverting their ships to other routes.
Last month, the US announced a new international mission to patrol the Red Sea and deter attacks.
Rabie said only ships that had to proceed promptly with their journey had diverted around the Cape of Good Hope and that others were waiting for the situation to stabilize.
He said the security concern to shippers could not be overcome with discounts or other incentives offered by the canal.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.