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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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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)

Saudi Arabia's delegation to the World Economic Forum (WEF) Annual Meeting 2025 held talks on Monday with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende, on the first day of the global event in Davos.

Discussions focused on bolstering the existing cooperation between Saudi Arabia and the Forum while exploring key global economic developments of common interest.

Saudi Minister of Economy and Planning Faisal Alibrahim met on Monday with Chairman of HSBC Holdings, Mark Tucker, on the sidelines of the WEF.

The meeting focused on global financial developments and investment opportunities in Saudi Arabia.

He also me wet with Romania's Minister of Economy, Digitalization, Entrepreneurship, and Tourism, Bogdan Ivan to discuss means to boost Saudi-Romanian economic collaboration.

They exchanged views on global economic developments of mutual concern.

Alibrahim also held talks with Chair of the Berlin Global Dialogue Professor Lars-Hendrik Röller on multilateral international cooperation and global economic development.