Egypt's Suez Canal reported a 23 per cent drop in annual revenue for the fiscal year 2023-24, mainly due to the impact of attacks by Yemen's Houthis on ships in the Red Sea.
Total revenue for the 12 months ending on June 30 was $7.2 billion, a decline from $9.4 billion during the same period in the previous year, the Suez Canal Authority said on Thursday.
The number of ships also fell during the period: 20,148 vessels, carrying 1 billion tonnes, transited the canal in the 2023-24 fiscal year, compared with 25,911 with 1.5 billion tonnes in the previous fiscal year.
The waterway remains a vital pillar for the stability and sustainability of global supply chains, Osama Rabie, head of the Suez Canal Authority, said during a meeting in Cairo with the US Central Command chief General Michael Kurilla on Thursday.
He stressed that the current tensions in the Red Sea not only affect the Suez Canal but also the maritime transport market, global trade and international supply chains.
The Houthis, aligned with Iran, have been targeting ships in the Red Sea as part of their campaign to support their ally, Hamas, in its war with Israel in Gaza.
The rebels have targeted more than 70 vessels with missiles and drones since they began their attacks in November, which have so far killed four sailors, according to a report by the Associated Press.
The Houthis have also seized one ship and sunk two since November, according to the Joint Maritime Information Centre (JMIC), recently established by a US-led multinational naval coalition formed to secure the Red Sea, Bab Al Mandeb and Gulf of Aden.
The attacks have escalated in recent months, with the Houthis claiming responsibility for targeting a Panama-flagged, Israeli-owned vessel and a Liberian-flagged, Marshall Islands-owned oil tanker on Monday, JMIC said.
Mr Rabie said security challenges in the Red Sea have driven many ship owners and operators to seek alternative routes, negatively affecting transit rates through the canal.
Taking other routes has led to increased voyage durations, higher operational costs and harmful environmental effects due to increased carbon emissions, as well as port congestion and delayed arrival of goods, he added.
This week, AP Moller-Maersk said the "cascading impact of these disruptions extends beyond the primary affected routes, causing congestion at alternative routes and trans-shipment hubs essential for trade with Far East Asia, West Central Asia and Europe".
Maersk and other shipping companies have been diverting vessels round Africa's Cape of Good Hope since December to avoid the Red Sea, with the longer voyage times pushing freight rates higher.
The Suez Canal, connecting the Mediterranean to the Red Sea, is a vital artery for global trade and a critical component of Egypt's economy.
The 190km waterway enables the passage of about 12 per cent of the world's seaborne trade, including oil, natural gas and other essential commodities.
For Egypt, which continues to contend with a severe economic crisis, the Suez Canal is a major source of foreign currency income that generates billions of dollars in annual revenue and supports numerous jobs in the country's maritime and logistics sectors.
Despite the challenges, Mr Rabie said the Suez Canal Authority continues to mitigate the impact of the current situation by communicating with clients and through the introduction of new navigational services.
The authority also highlighted its maritime safety and security system for ships transiting the canal, with Mr Rabie promising that the Egyptian Armed Forces are being deployed to secure vessels.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
UAE currency: the story behind the money in your pockets
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
more from Janine di Giovanni
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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