Boston, MA -- (ReleaseWire) -- 11/29/2012 -- Political uncertainty will continue to affect the Egyptian economy in 2013 as the country continues upon its rocky transitional period towards democracy. This uncertainty will, in turn, continue to affect the shipping sector as a worsening economic position will impact on the country's imports through the ports. Further, Egypt is struggling to maintain foreign reserves as foreign investment has dried up since the ouster of President Mubarak as investors wait to see what the future holds. In light of this a Qatari plan to invest in a new industrial and ports complex near the Suez Canal will come as a relief to the sector. The presence of the waterway in Egyptian territory provides an important source of income in fees and associated businesses to the Egyptian economy.
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Headline Industry Data
- 2013 total tonnage throughput at Dekheila is forecast to grow by 8.3% to 26.42mn tonnes, and to average 5.6% per annum to 2016.
- 2013 East Port Said container throughput growth forecast at 11.5% to reach 3.79mn twenty-foot equivalent units (TEUs), and to average 10.6% to 2016.
- 2013 Egyptian trade real growth forecast at 15.3%, and to average 9.5% over the medium term.
Key Industry Trends
Qatar To Invest In New East Port Said Complex
BMI believes that a Qatari investment in the Egyptian ports sector will provide a boost to facilities such as East Port Said, and will be welcomed by the Egyptian government; the country has been struggling with particularly low levels of foreign investment since the ouster of President Mubarak in March 2011. For Qatar, meanwhile, the investment is in keeping with its increasingly visible presence on the world stage.
DP World Sokhna Receives STS Gantry Cranes
DP World Sokhna, the Red Sea commercial gateway to Egypt's capital Cairo, has taken delivery of two new ship-to-shore (STS) gantry cranes. The cranes were delivered by the Zhen-Hua 18 vessel.
Canal Revenue Expected To Stay Stable
Suez Canal Authority head, Mohab Memish announced in September that he did not expect the revenues achieved by the canal in 2012 to dip from the US$5.2bn it generated in 2011. The canal, which is a major source of foreign reserves for Egypt, took US$446.6mn in August, which represented a 3% rise on the previous month.
Key Risks to Outlook
The main risks to our forecasts for Egyptian ports are primarily to the downside. Should the country be wracked by another wave of political unrest, which remains distinctly possible at this stage, volumes through Egyptian ports could see a contraction like that experienced in most facilities in 2011.
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