Among these cases is Seaguard P&I, an entity presented as a maritime insurer, cited in several specialist investigations and mentioned by Bloomberg for having issued certificates to sanctioned tankers or vessels connected to sensitive oil flows. Yet the legal existence of this structure, presented as German, remains difficult to establish in publicly consulted registries.(Ships waiting to cross the Suez Canal, 2026/04/22, COPERNICUS.eu)

Several vessels on this list have been observed on routes leading to the Suez Canal. PAZ (IMO 9233765), DEYNA (IMO 9299903), intercepted by French authorities in March 2026, and TK

SCORPIO (IMO 9346732), recently reported in the Suez and Red Sea area, are among the most closely watched cases. Other names regularly appear in maritime databases and watchlists: AQUA LIVE (IMO 9282792), SIONA (IMO 9282106), AURA (IMO 9274563), LOLITE (IMO 9337195), GLOBAL STAR (IMO 9198082), and RICH STARRY (IMO 9773301).

In addition to these sanctioned vessels, there are more complex cases, sometimes described as “zombie ships”, suspected of using the IMO identity of vessels that have already been dismantled. Names such as BALANRED (IMO 9233313), HOPE (IMO 9223318), and STARADVANCE (IMO 9149249) illustrate this issue, which makes it much harder to identify actual responsibility in the event of an incident.

The issue goes far beyond administration. A recognised P&I club normally covers the most serious consequences of an accident: collision, pollution, wreck removal, damage to quays, tugboats, or port facilities. When an insurance certificate is disputed, incomplete, or difficult to verify, the question of funding becomes central the moment an emergency begins.

In a passage as strategic as Suez, an incident involving an ageing, poorly maintained, or underinsured tanker could generate significant costs: towing, traffic security, pollution responsle, partial interruption of transit, and protection of port infrastructure. The Ever Given case has already shown that a single vessel can block the canal and cause major economic losses for global trade.

The risk is not only economic. An oil leak in the Port Said area or the Gulf of Suez would also have significant ecological consequences for coastal zones, local fisheries, and port activities.

The social impacts would be immediate for the thousands of workers who depend directly on the canal’s smooth operation: pilots, dockworkers, hauliers, technicians, fishermen, and local businesses.

The post Suez Canal: The Quiet Issue of Tankers Under Disputed Insurance first appeared on Dailynewsegypt.

Speaking during a presentation of Egypt’s economic development plan at an American Chamber of Commerce conference, Rostom noted that implementation of several key initiatives will begin immediately following approval of the national investment plan, with further details to be announced in due course.

He emphasised that the government is intensifying its focus on entrepreneurship by supporting start-ups and fostering a more enabling business environment. These efforts are being coordinated at the highest levels, under the supervision of the Deputy Prime Minister and in collaboration with relevant stakeholders.

Rostom said these initiatives form part of a broader strategy to position Egypt among the leading economies in the Middle East and across emerging markets, driven by continued structural reforms and an expansion of the country’s productive base.

In cooperation with international financial institutions, including the World Bank and the International Monetary Fund, the government has developed multiple economic scenarios for growth and inflation, allowing policymakers to adapt swiftly to evolving global conditions.

He cautioned that sudden geopolitical developments, including regional conflicts and tensions, can trigger immediate disruptions in financial and commodity markets, with rapid spillover effects on the global economy.

Addressing the ongoing crisis in the Gulf, Rostom said it is likely to push energy and commodity prices higher both globally and domestically. He described the current global economic environment as more complex than the 2008 financial crisis, given its direct link to energy markets, unlike the earlier crisis which was largely concentrated in the United States and Europe and contained relatively quickly.

Under the baseline scenario, global growth is expected to ease to 3.1%, down from 3.4% in 2025, before recovering slightly to 3.2% by 2027. Inflation is projected to reach around 4.4%, moderating to 3.7% over the same period.

Rostom also highlighted sharp increases in global energy prices, noting that natural gas prices have surged by 160%, while food prices have risen by 2.5%.

Under a more adverse scenario, oil prices could rise to between $110 and $150 per barrel, while natural gas prices may increase by as much as 200%. Food prices are also projected to climb by 5% in 2026 and 10% in 2027.

He further noted that revenues from the Suez Canal have been significantly affected, alongside broader disruptions to regional supply chains, including the suspension of fertiliser and energy shipments. These pressures are contributing to rising production costs and inflationary trends.

Despite these headwinds, international institutions continue to project sustained positive growth for Egypt, albeit at a more moderate pace. Credit rating agencies have also maintained Egypt’s outlook between stable and positive, reflecting continued confidence in the country’s economic reform trajectory.

The post Egypt’s economy demonstrates resilience amid successive global shocks first appeared on Dailynewsegypt.

According to the Egyptian presidency, Al-Sisi expressed appreciation for ongoing cooperation with the OECD, especially through the country programme launched in 2021. He underscored the importance of expanding partnership in areas such as investment, competitiveness, and governance to support Egypt’s economic and institutional reforms.

Al-Sisi outlined efforts to enhance the private sector’s role by improving regulatory and institutional frameworks and encouraging both domestic and foreign investment. He also highlighted the government’s prioritisation of social protection within its reform agenda, citing housing initiatives that have benefited around 350,000 families with more than 300,000 housing units, alongside healthcare programmes and the “Decent Life” initiative targeting over 50 million citizens.

The president noted Egypt’s proactive measures in managing global crises, pointing to a $10bn decline in Suez Canal revenues due to disruptions in Red Sea shipping linked to the Gaza conflict. He also stressed that Egypt hosts around 10 million foreign nationals displaced by regional conflicts, who receive services comparable to those provided to Egyptian citizens.

Cormann praised Egypt’s role in promoting regional stability and the resilience of its economy amid global challenges. He affirmed the OECD’s interest in deepening cooperation and building on the country programme to support Egypt’s economic growth and sustainable development.

The post Al-Sisi, OECD chief discuss reforms, expanding private sector role first appeared on Dailynewsegypt.

The newly declassified material reframes the political geometry of the war itself. It highlights the United States’ refusal to support Britain and France in the Tripartite Aggression of 1956—a decisive rupture that helped collapse the operation before it could achieve its objectives. That earlier American stance juxtaposes sharply with its present posture: Washington now criticises the lack of coordinated British and French backing in its war on Iran, even as it operates within far more entangled systems of alignment than it once rejected. Across both moments, Israel remains a constant denominator—and, in the view of some, instigator—equally active in 1956 and today. US President Donald Trump’s continued assertions over the strategic control of the Panama Canal reflect the same fixation: chokepoints are never just geography; they are leverage.

The documents further expose a fracture between Britain and France over how the operation itself should be recorded. The clandestine Sèvres Protocol of 22 October 1956 set out the mechanics of a coordinated attack on Egypt, yet both sides deliberately avoided producing a single formal document that would constitute legal proof of intent. The objective was not operational secrecy but documentary absence—preserving the narrative that intervention was aimed at restoring peace rather than executing a premeditated assault. Their plan entailed allowing Israel to invade Sinai, which would be defended by Egypt, before issuing an ultimatum to Egypt and Israel to withdraw from the Canal zone (whether Israel reached the Canal or not). Upon Egypt’s expected refusal, British and French forces would attack Egypt as a so-called peacekeeping mission under the pretext of protecting the Suez Canal.

That logic extended into constitutional evasion. The arrangement bypassed the procedural requirements of democratic systems, where declarations of war typically require parliamentary approval. Instead, it operated through a framework designed to avoid formal classification as war altogether—a structure that bears uncomfortable echoes in contemporary debates around modern military action, including American operations justified as limited engagements rather than declared war in the classical sense.

Stripped of the grand rhetoric that usually accompanies diplomatic history, the files reveal a grim reality. A striking memo details a frantic effort by the British Foreign Office to bypass Egyptian customs and financial regulations by smuggling massive quantities of hard currency into the country via diplomatic bags. These pouches, traditionally reserved for official correspondence and protected by international immunity, were repurposed to fund covert operations and sustain an unaccountable shadow apparatus of influence—an attempt to sabotage the consolidation of Egyptian unity.

London’s 1956 actions aimed to undermine Egypt’s financial and political leverage precisely at the moment it moved to reclaim control over the Canal. Alongside financial operations, British and French aircraft dropped Arabic-language leaflets over Egyptian cities and villages—a crude attempt to broadcast defeat to a nation they hoped would collapse.

In the recently aired Suez: 24 Hours That Broke the British Empire documentary, historian Alex von Tunzelmann describes this as a coordinated campaign of psychological warfare, noting the messaging was designed to convince Egyptians that resistance was futile and that abandonment was inevitable. Messages such as “we have the weapons to crush you” and “no one will help you” were designed to fracture morale at the precise moment sovereignty was being reasserted.

Despite the scale of this elaborate scheme, including covert financial transfers and intensive propaganda efforts, Egyptian society responded with cohesion around its leadership and sustained resistance throughout the conflict. The endurance of that response became central to the national narrative that followed, particularly in Port Said, where the confrontation assumed its most heroic form: a population that refused erasure under the most brutal foreign-coordinated military, financial, and psychological pressure.

The Suez Canal, at the centre of the 1956 Tripartite Aggression, is not merely a transit route but a foundational triumph carved from the nation’s bedrock into global maritime geography. A world increasingly adrift finds in it a point of stability, even as shipping routes are forced to adjust, and global trade absorbs the cost of rerouting around Africa.

The Suez Canal Authority’s expansion of the southern sector reflects this logic. Deepened channels and the widening of this passage are not cosmetic infrastructure projects, but long-term assertions of logistical investment—designed to secure competitive advantage in a global market marred by disruptions. The Egyptian spirit and determination of 1956 remains alive in these efforts, steered forward under the leadership of President Abdel Fattah el-Sisi as the Canal is further developed and its economic zone draws investment across vital industries.

April 25, Sinai Liberation Day, marking the 1982 consolidation of Egypt’s full territorial recovery, stands as a vital chapter in our story. Yet, it is the approaching milestone of November 2026—the seventieth anniversary of the 1956 victory—that offers the most significant moment for reflection. It is not only an anniversary of resistance, but a celebration of the strong will and perseverance that continue to define the nation. As we mark seventy years, we recognise this victory as a lasting symbol of national strength, anchoring us as we navigate the complexities of shifting global currents.

Nadine Loza is a development strategist, opinion columnist, and Founding Director of the Egypt Diaspora Initiative.

The post Opinion | Chokeholds of Civilisation first appeared on Dailynewsegypt.

Daily News Egypt sat down with Steve Lutes, Vice President of the US Chamber of Commerce for Middle East Affairs, to explore the realities of US-Egypt economic ties and the challenges of turning Egypt’s potential into execution.

How do you assess Egypt’s performance in attracting investment? What is needed to improve?

Every government faces the challenge of becoming an attractive destination. Egypt already enjoys advantages that are difficult to replicate, most notably its geographic location. The key question is how to fully leverage that position.

Egypt also benefits from trade agreements with African markets. While I am not an economist, many experts anticipate strong growth across Africa in the coming years, which presents a significant opportunity. We often speak about Egypt as a gateway to Africa, but the priority now is to translate that concept into practical reality. This requires expanding dialogue frameworks beyond bilateral engagement to more multilateral cooperation.

What role can the US Chamber play in promoting economic support for Egypt?

The Chamber maintains ongoing engagement with US policymakers to highlight Egypt’s strategic economic importance, its role in regional stability, and its value as a trade and investment partner, particularly amid rising geopolitical tensions.

Through the US-Egypt Business Council, we consistently advocate for strengthening economic resilience, ensuring market stability, and supporting private sector-led growth. During periods of crisis, we also communicate the impact of economic shocks on supply chains, investor confidence, and reform trajectories. This helps foster a more stable political and economic environment conducive to financing and sustainable investment.

There’s a perception that Egypt’s private sector lacks equal opportunity. How do you see it?

There is always room for improvement; no system is perfect. From what I hear, there is clear government intent to expand privatisation and strengthen the private sector’s role. Naturally, businesses would like to see this process move faster.

Recent government changes suggest a greater willingness to accelerate reforms. This is creating more opportunities for private sector participation across a range of industries, whether through domestic firms or partnerships with international companies, including American ones.

With China, Türkiye, Germany, and Russia active in Egypt, where does the US stand?

It is important to recognise that different countries operate under different economic models. China and, to a large extent, Russia rely on state-led investment approaches. The United States operates very differently.

The US government does not direct companies where to invest. Decisions are made by private firms based on market conditions. If the investment environment is attractive, companies will come. If not, they will look elsewhere.

Can Egypt truly become a regional hub?

Absolutely. Egypt has the potential to serve not only as a gateway to Africa, but also to the Mediterranean and Europe. The Suez Canal remains a critical artery for global trade, whether for goods, energy, or even digital connectivity through submarine cables.

However, the real challenge is not promotion; it is execution.

What do you mean by execution?

Attracting American investment requires a more tailored approach than in state-led systems. In countries like China, agreements are often concluded at the government level, with companies following.

In the United States, each company must be engaged individually. Some are looking to expand into Africa, others have capital ready to deploy, while others require detailed feasibility studies. This makes the process more complex and demands targeted engagement and customised analysis.

Does this make US investment more difficult to secure?

It does make it more demanding, but also more sustainable. American companies tend to take a long-term view. They invest in local hiring, integrate into the market, and build enduring business operations.

What can we expect from the second Egyptian-American Economic Forum?

The objective is to frame the relationship strategically, rather than as a one-off event. There is a real opportunity to reinforce Egypt’s role as a gateway to Africa, including by involving African stakeholders and presenting concrete, investment-ready projects.

How can interest be converted into real investment?

American firms require precise, actionable information, not general messaging. When opportunities are clearly defined and well-structured, it becomes much easier to convert interest into investment.

Sector-focused discussions and direct engagement are essential to this process.

Why has Egypt-US cooperation in Africa been limited?

The Chamber continues to view Egypt as a key platform for US companies seeking to expand into Africa, particularly in sectors such as logistics, construction, energy, agriculture, and services.

However, progress depends on clearer project pipelines, the use of innovative financing tools such as blended finance, and stronger coordination between governments and development institutions.

What guarantees do US investors seek in tech and infrastructure?

Investors prioritise regulatory stability, transparency, effective dispute resolution mechanisms, and the availability of foreign currency. They also look for clear frameworks for public-private partnerships and predictable licensing timelines.

In the technology sector, data governance, intellectual property protection, and cybersecurity are especially critical.

Beyond energy, which sectors are most attractive?

Key growth areas include logistics, ICT, fintech, healthcare, pharmaceuticals, and export-oriented manufacturing.

What is the Chamber’s vision for the future of the Egypt-US economic partnership?

The relationship is evolving into a more strategic partnership built on resilience, innovation, and shared responsibility. Key areas of focus include energy security, regional stability, supply chain diversification, and human capital development.

The post Egypt poised to become gateway to Africa, Europe: Steve Lutes first appeared on Dailynewsegypt.

Institutions in Washington rely heavily on the studies and projections produced by these centres, treating them as early indicators of global shifts and barometers of public sentiment, both within the United States and internationally. Within this ecosystem, the Middle East remains a top priority, given its complex interplay of security concerns, energy dynamics, economic pressures, and protracted geopolitical tensions.

This prominence was reflected in the agenda of the “DoorKnock Mission” to Washington, D.C. organised by the American Chamber of Commerce in Egypt, which included extensive engagements with leading think tanks to foster direct dialogue with Washington’s policy and research community.

The Economy at the Core: Conflict with Global Spillovers

During the delegation’s meetings in Washington, senior researchers from the Atlantic Council, the Middle East Institute, and the Washington Institute for Near East Policy outlined the wide-ranging consequences of ongoing regional tensions.

They stressed that any military escalation, particularly those linked to Iran or flashpoints such as the Strait of Hormuz, would have immediate and far-reaching global economic repercussions. Disruptions to energy supplies would likely drive up oil and gas prices, increase transportation and insurance costs, and ultimately feed into higher prices for goods and services worldwide.

Such shocks, they noted, tend to trigger inflationary pressures that extend well beyond the region. Moreover, the economic fallout often outlasts the conflict itself, as global markets require extended periods to stabilise, depending on the resilience and adaptability of individual economies.

Egypt: Between Pressures and Opportunity

Experts noted that Egypt has already felt the impact of regional instability, particularly through declining traffic in the Suez Canal, which has weighed on foreign currency revenues.

However, they also highlighted the country’s structural strengths, including relative political stability, ongoing economic reforms, and sustained investment in infrastructure. These factors, they argued, enhance Egypt’s capacity to absorb external shocks.

At the same time, shifts in global supply chains—accelerated by the COVID-19 pandemic and compounded by geopolitical tensions—are prompting multinational companies to reassess their production and investment strategies. This realignment presents an opportunity for countries like Egypt to position themselves as alternative hubs in the global distribution of manufacturing and logistics.

In this context, economic zones—particularly the Suez Canal Economic Zone—are gaining prominence as focal points for investment in industry, logistics, energy, and export-oriented services.

Robert Satloff: A Region of Overlapping Scenarios

Robert Satloff, Executive Director of the Washington Institute for Near East Policy, argued that the Middle East cannot be understood through a single trajectory. Instead, it must be viewed as a set of overlapping and evolving scenarios shaped by competing actors and shifting dynamics.

He observed that key players, including the United States, Israel, Iran, and various resistance movements, continue to frame the conflict in terms of victory and defeat rather than compromise. This mindset, he said, widens the gap between political rhetoric and diplomatic reality.

As a result, prospects for sustainable political settlements remain limited, particularly as some actors pursue maximalist objectives that may extend to the elimination of their adversaries. This dynamic contributes to a broader diplomatic paralysis, where escalation often takes precedence over negotiation.

Interlinked Crises: Iran, Gaza, and Lebanon

On Iran, Satloff pointed to the fragmented nature of the country’s political system, where multiple centres of power complicate the prospects for decisive strategic shifts.

In Gaza, he noted that Israel’s stated objective of ending Hamas’s rule remains highly contentious, with ongoing debate over both its feasibility and potential costs.

Lebanon, meanwhile, presents a different but equally complex picture, with efforts underway to rebalance the role of Hezbollah within state institutions, though without clear assurances of swift or lasting outcomes.

US Policy: Strategy Beyond Slogans

Satloff also addressed the nature of US policymaking, noting that political slogans such as “America First” do not fully capture the underlying strategic calculus in practice, he said, policy decisions continue to be shaped by a careful balancing of economic priorities and geopolitical interests.

Within this framework, there is growing recognition in Washington of the importance of partnerships with countries such as Egypt, particularly in areas such as investment, technology transfer, and capacity building.

A Region in Flux

The discussions concluded that the Middle East is undergoing a prolonged and incomplete phase of reconfiguration, in which security, economic, and political dynamics are deeply intertwined.

In the absence of a cohesive regional framework, and amid an increasingly fragmented decision-making landscape, the region remains open to multiple trajectories, with no clear long-term settlement in sight.

The post US think tanks map Middle East’s post-conflict trajectory amid far-reaching economic, political risks first appeared on Dailynewsegypt.

In his televised speech, Al-Sisi warned of premeditated attempts to redraw the region’s map under extremist ideological claims. He stressed the necessity of respecting state sovereignty and territorial integrity, calling for an end to efforts aimed at dividing nations, seizing their resources, and fuelling internal conflicts. Political solutions and negotiations, he stated, are the optimal ways to spare the region further disaster.

Addressing the immediate conflict in the Palestinian territories, Sisi expressed Egypt’s “categorical rejection, which accepts no interpretation or compromise, of any endeavour aimed at displacing the Palestinians under any circumstances.” He urged the full implementation of the second phase of the Gaza ceasefire agreement, including unhindered humanitarian aid and immediate reconstruction, alongside a halt to repeated attacks against Palestinians in the West Bank to protect their rights and dignity.

The president firmly condemned recent attacks on several Arab nations, affirming Egypt’s complete support for their sovereignty and territorial safety. He noted that solidarity is the only way for regional countries to overcome current hardships, reaffirming that peace remains Egypt’s permanent choice, stemming from strength and conviction rather than weakness or fear.

Al-Sisi detailed the severe economic pressures resulting from this regional instability, revealing that Egypt has lost approximately $10 bn in Suez Canal revenues due to attacks on shipping in the Bab el-Mandeb strait. This loss, coupled with the hosting of around 10 m arrivals from allied and neighbouring countries, has compounded the challenges posed by global food and energy price increases. He cited a decade of successive crises impacting the state, including terrorism, the COVID-19 pandemic, the Russia-Ukraine conflict, the Gaza war, and what he termed the “Iranian war.”

Reflecting on the historical significance of the Sinai liberation, Sisi praised the Egyptian Armed Forces, the civilian police, and the late President Anwar Sadat’s vision for peace. He also commended the Egyptian legal team that secured the return of Taba through international arbitration, noting that the military remains fully capable of deterring any threat to Egypt’s national security.

Acknowledging the economic difficulties facing the domestic population, Al-Sisi reassured the public that the government is working with all its capacity to alleviate burdens and limit the repercussions of these compounding global and regional crises.

The post Egypt rejects regional division, calls for peace over occupation, Al-Sisi says first appeared on Dailynewsegypt.

In my view, beyond these external factors, the exchange rate flexibility framework adopted by the Central Bank of Egypt since March 2024 has played a decisive role in stabilising the currency. Operating with a greater degree of neutrality and transparency, this framework has helped maintain equilibrium in the foreign exchange market.

When global headlines were dominated by escalating tensions, including drone and missile activity, the Egyptian pound—like many other currencies—came under pressure against the US dollar. Conversely, with the announcement of a ceasefire and a relative easing of hostilities, the pound rebounded.

This movement reflects a swift market response to improving conditions, particularly the easing of tensions in the Strait of Hormuz and rising prospects for successful regional negotiations.

The pound is now beginning to reap the benefits of exchange rate flexibility, which allows it to respond symmetrically to both shocks and positive developments. This has strengthened confidence among domestic and international investors in the currency’s ability to absorb volatility, reduced the likelihood of a parallel foreign exchange market, and reinforced the interbank market as the unified platform for FX trading in Egypt. In relative terms, the pound has also become more attractive from a risk-return perspective compared to several peer currencies.

Expected exchange rate scenarios

1. “Peace” scenario – successful negotiations and stable navigation
   Timeframe: One to three months
   Range: EGP 46-48 per US dollar

Under this scenario, a sustained de-escalation would support a recovery in Suez Canal revenues, alongside a decline in shipping and insurance costs. This, in turn, would likely encourage stronger foreign inflows into Egyptian debt instruments, particularly through carry trade strategies.

2. “Cautious calm” scenario – prolonged negotiations with limited tensions
   Timeframe: Through Q2 2026
   Range: EGP 48-49.5 per US dollar

In this case, markets would remain in a wait-and-see mode. The pound would be supported primarily by internal FX sources, including remittances and tourism revenues, without significant external inflow momentum.

Broader macro and policy implications

The positive spillovers extend beyond the exchange rate itself.

Lower global oil prices would ease pressure on Egypt’s import bill, reducing demand for US dollars to finance fuel imports and helping to narrow the fiscal deficit.

At the same time, a softer global dollar environment and declining import costs could ease both imported and domestic inflationary pressures. This may create room for the Central Bank of Egypt to gradually shift from a holding stance towards a monetary easing cycle, potentially initiating interest rate cuts that would support investment activity.

From a structural perspective, stable foreign reserves and a continued recovery in remittances from Egyptians abroad—now increasingly channelled through official banking channels—provide an important buffer against future external shocks.

Mohamed Abdel Aal – Banking expert

The post Opinion | The Egyptian pound: Between stability gains and cautious outlook first appeared on Dailynewsegypt.

Rabie briefed the president on the effects of the regional war on shipping traffic through the canal and outlined the measures taken by the Suez Canal Authority to address the situation, including raising readiness levels across its facilities while maintaining round-the-clock navigation services.

Al-Sisi stressed the importance of ensuring high preparedness at all canal-related operational sites, while enhancing safety procedures and contingency measures.

The meeting also reviewed progress on several projects linked to the Suez Canal Authority, including the development of the Red Sea Shipyard, a tourist yacht manufacturing project, and the “Rizq” fishing vessel construction project, as well as the operation of a deep-sea fishing fleet.

Officials also discussed national efforts to manufacture and market marine tugboats and a project to produce river buses.

The president directed authorities to complete these projects within their scheduled timelines and according to international standards in order to ensure the quality of services and products.

Al-Sisi also reviewed the authority’s plans to expand the use of digital technologies and electronic applications in its operations, stressing the importance of digitalisation in improving governance, operational efficiency and cost management.

He further called for strengthening cooperation with major international companies and expanding efforts to localise maritime-related industries, while increasing export opportunities for the authority’s products.

The post Al-Sisi reviews impact of regional conflict on Suez Canal operations first appeared on Dailynewsegypt.

Speaking at the “Egyptian Family Iftar” in Cairo, Sisi stated that the EGP 500bn decline in Suez Canal receipts, combined with global supply chain disruptions and rising energy costs from conflicts in Gaza and Iran, has placed Egypt at a “historical crossroads.” He defended the government’s decision to raise petroleum prices, acknowledging public “negative feelings” but insisting the measures were necessary to avoid “harsher options.”

“The state is fully aware of the scale of the pressures borne by the Egyptian citizen,” Sisi said. He explained that the country consumes approximately $20bn (EGP 1tn) of petroleum products annually, the majority of which is used to fuel power plants. If the government charged citizens the true cost of production, electricity bills would increase fourfold, the President added.

In response to domestic economic strain, Sisi directed the government to accelerate the launch of a new social protection package targeting low- and middle-income groups. He emphasised that while the state remains committed to subsidising goods for the most vulnerable, it cannot continue borrowing foreign currency to cover consumption needs for a population that has reached 120m.

The President also addressed media criticism regarding government transparency. He urged officials to provide clearer explanations to the public, particularly regarding economic decisions. “We do not take any measure unless it is carefully studied,” Sisi said, noting that current policies are designed to be the “least costly” for the population.

On energy policy, Sisi announced that Egypt is working to reach a target of 42% renewable energy by 2030, with intentions to exceed this percentage and complete the transition ahead of schedule.

Regarding internal security and market stability, the President warned against price gouging and exploitation. He stated that the government would strictly monitor markets and that violators could be referred to military trials to ensure the protection of the people’s resources.

Sisi also noted “positive progress” in recent television dramas and artistic works, calling for content that reflects Egypt’s cultural values and contributes to national awareness.

The event was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister for Economic Affairs Hussein Issa, Minister of Defence and Military Production Ashraf Salem Zaher, Speaker of the House Hesham Badawy, Senate President Essam el-Din Farid, and Pope Tawadros II.

Presidential spokesperson Mohamed El-Shennawy confirmed that the President’s remarks focused on the necessity of national cohesion during a period of regional volatility, warning that “some countries are lost due to wrong calculations.”

The post Egypt’s Sisi says Suez Canal revenue fell $10bn due to regional instability first appeared on Dailynewsegypt.