Egypt's Sisi Opens Huge Suspension Bridge over the Nile

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

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 Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
TT

Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.