CAIRO, Dec 26 (MENA) - President Abdel Fattah El Sisi directed to continue working on completing the development projects of the Suez Canal, with the goal of providing the best navigational services and enhancing its role as a cornerstone of global trade movement.

Meeting with Chairman of the Suez Canal Authority Osama Rabie, Sisi also instructed the continued modernization of Egypt's fishing fleet to fit the latest global systems and standards and boost the sector's role in supporting the national economy.

The meeting discussed the impact of regional developments on the navigational movement in 2024, as well as measures taken by the Suez Canal Authority to address the challenges.

Sisi was briefed on the Suez Canal’s revenues for 2024, which declined by over 60% compared to 2023. This decline meant that Egypt lost nearly $ 7 billion due to the ongoing escalation in the Red Sea and Bab al-Mandab regions, which negatively affected the Suze Canal's shipping traffic and the sustainability of global trade.

The meeting also covered ongoing projects to upgrade the navigational channel of the Suez Canal to enhance its value and role in global supply chains and trade. This includes the completion of the southern section project, the expansion of the navigational channel from 132 to 162 km to allow passage of giant ships, and the completion of the full doubling of the navigational channel from 122 to 132 km, which contributes to increasing the volume of shipments and accelerating the passage of ships in both directions. (MENA)

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