Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)
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Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)

Egyptian President Abdul Fattah al-Sisi on Wednesday opened a suspension bridge over the Nile touted as the world's widest, one of a series of military-led, mega-projects designed to improve infrastructure and provide jobs.

The bridge, which crosses the Nile just north of central Cairo, is a key link in a highway stretching from the Red Sea in the east to Egypt's northwestern Mediterranean coast, and is meant to help reduce congestion in the capital.

Traffic ground to a halt in parts of central Cairo on Wednesday morning as Sisi traveled to open the bridge with ministers and military generals.

At its widest, the bridge has six traffic lanes in each direction and measures 67.3 meters (222 feet) across. A regional director for the Guinness Book of World Records present at the opening said that makes it the world's widest suspension bridge.

Around one million cubic meters of concrete as well as 1,400 km (2,268 miles) of steel wire for 160 suspension cables were used in its construction, according to a presentation given at the formal opening.

The bridge crosses the Nile's Warraq Island, which has an estimated 100,000 residents, some of whom have protested against planned demolitions on the island and plans to develop it into a "modern residential community".

Other prestige projects launched under Sisi include an expansion of the Suez Canal, completed in 2015, and the building of a new capital in the desert east of Cairo that is currently under construction.



Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.