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Egypt's Suez Canal Extends Rebates for LNG, LPG Carriers Until End-2022

Ship Ever Given, one of the world's largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany
Ship Ever Given, one of the world's largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany
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Egypt's Suez Canal Extends Rebates for LNG, LPG Carriers Until End-2022

Ship Ever Given, one of the world's largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany
Ship Ever Given, one of the world's largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany

Egypt's Suez Canal has extended rebates on canal tolls for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) carriers from July until the end of the year, the canal authority said in circulars published on its website.

LPG tankers operating between the American Gulf and ports west of India, on the Maldives islands and at Kochi will receive a rebate of 20% on the canal's normal tolls, according to the circular.

Those operating from ports east of Kochi to Singapore will receive a rebate of 55%, and from Singapore ports east will have a rebate of 75%, said Reuters.

LNG tankers operating between the American Gulf and the "Arabian Gulf", ports west of India and at Kochi will receive a rebate of 30% on the canal's normal tolls, a circular dated Sunday said.

Meanwhile, LNG tankers operating from ports east of Kochi to Singapore will receive a rebate of 55%, and from Singapore ports east will have a rebate of 70%, it added.

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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.