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Egypt's Alexandria and Dekheila Ports Pause Activity Due to Weather

Egypt's Alexandria and Dekheila ports were closed on Wednesday due to poor weather conditions. (Reuters file photo)
Egypt's Alexandria and Dekheila ports were closed on Wednesday due to poor weather conditions. (Reuters file photo)
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Egypt's Alexandria and Dekheila Ports Pause Activity Due to Weather

Egypt's Alexandria and Dekheila ports were closed on Wednesday due to poor weather conditions. (Reuters file photo)
Egypt's Alexandria and Dekheila ports were closed on Wednesday due to poor weather conditions. (Reuters file photo)

Egypt's Alexandria and Dekheila ports, which both lie along the Mediterranean, were closed on Wednesday due to poor weather conditions, the Alexandria Port Authority said in a statement.

The ports are among the biggest in Egypt and each can handle a maximum of 1 million 20ft-equivalent units (TEUs).

High winds and a dust storm were blamed for the stranding on Tuesday morning of a 400-meter-long container ship that ran aground in Egypt's Suez Canal, blocking vessels from passing through.

Four Egyptian Red Sea ports had been shut on Tuesday, also due to weather conditions, and all except the Ain Sokhna port have now re-opened said the Red Sea Ports Authority and the Suez Canal Economic Zone Authority in separate statements.

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Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) fell by $591 million in September having dropped off sharply in August, central bank data showed on Friday.

NFAs declined to the equivalent of $10.31 billion at end-September from $9.72 billion in August, according to Reuters calculations based on the official central bank currency rate at the time, Reuters reported.

NFAs fell by $3.53 billion in August.

Egypt had been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.

Foreign assets rose slightly at commercial banks in September but dipped at the central bank, while foreign liabilities climbed at commercial banks and eased at the central bank.