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Red Sea Attacks' Impact on Suez Canal Revenue Can be Partly Absorbed, Says Egypt Finance Minister

A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
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Red Sea Attacks' Impact on Suez Canal Revenue Can be Partly Absorbed, Says Egypt Finance Minister

A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE
A handout photo made available by the Suez Canal Authority shows the Greek-owned bulk carrier 'Zografia' at the Suez Shipyard Co. in Ismailia, Egypt, 22 January 2024. EPA/SUEZ CANAL AUTHORITY OFFICE

Egypt's Finance Minister Mohamed Maait said part of the impact on Suez Canal revenue of the Red Sea attacks on vessels could be absorbed.

Maait explained that this would be possible thanks to previous growth which had been doing well before the incidents started.

He noted that the government was planning to rely more on the private sector in terms of project expenditure.

"If you look at (project spending) figures for the last 7 months, it has dropped by 10%," he told Reuters on the sidelines of the World Governments Summit in Dubai.

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Al Khateeb: Tourism Sector Tops Agenda at WEF Annual Meeting 2025 in Davos

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
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Al Khateeb: Tourism Sector Tops Agenda at WEF Annual Meeting 2025 in Davos

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)

Saudi Minister of Tourism Ahmed Al Khateeb stressed on Monday that Saudi Arabia's participation in the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland, underscores its steadfast commitment to shaping the global dialogue on travel and tourism as key drivers of economic growth and cultural exchange.

Speaking to the Saudi Press Agency (SPA), Al Khateeb highlighted that tourism is a central focus at this year’s forum, with Saudi Arabia showcasing its achievements and fostering partnerships to drive the sector’s global growth.

He emphasized that Saudi Arabia's tourism sector is experiencing unprecedented expansion under Saudi Vision 2030 and the National Transformation Program, positioning the Kingdom as a leading global destination with an ambitious goal of welcoming 150 million tourists annually.

The minister noted that tourism currently contributes 5% to Saudi Arabia's GDP, with projections to double to 10% by 2030. This growth is fueled by strategic investments in groundbreaking projects such as the Red Sea Project, Diriyah, and Qiddiya, alongside numerous private-sector initiatives that are boosting tourism across the Kingdom.

Saudi Arabia is leveraging its natural and cultural assets to establish a global benchmark for tourism-led economic development, he added.

Al Khateeb also highlighted tourism's vital role in the global economy, citing the 2023 Economic Impact Report (EIR) by the World Travel & Tourism Council (WTTC), which revealed that the global travel and tourism sector contributed 9.1% to global GDP—a 23.2% increase from the previous year.

He described Saudi Arabia's participation in Davos as an opportunity to amplify its achievements through collaboration with global leaders, strengthen public-private partnerships, and reinforce its role as a hub for international cooperation.