ALEXBANK, Italy’s SRM present 4th edition of Suez Canal report

Updated 4/18/2023 10:29:00 AM

Arab Finance: ALEXBANK and the Naples-based center for economic research SRM have issued the fourth edition of the Suez Canal report, according to an emailed press release.

The two members of Intesa Sanpaolo Group have presented the report, titled “The Suez Canal: The Impact of War and the Pandemic on Maritime Routes, an analysis of port competitiveness indicators, the role of Egypt in global trade and the development of the SCZone” in an event on April 2^nd.

Hosted under the Patronage of the Embassy of Italy in Cairo, the event was attended by the Italian Ambassador to Egypt Michele Quaroni, Managing Director and CEO of ALEXBANK Dante Campioni, and General Manager of SRM Massimo Deandreis, in addition to senior managers of both ALEXBANK and SRM and top officials and leaders of Egypt’s business community.

According to the report, the Suez Canal handles around 12% of global maritime traffic.

The report highlights the noticeable boom in the canal’s recently recorded revenues, which hit record highs of $8 billion on an annual basis.

It also tackles with the impact of the war-induced change in trade patterns on the Suez Canal traffic, as well as to the significance of the trade relations and maritime connections with the European Union (EU), particularly Italy.

Moreover, it sheds light on the related developments achieved by the Suez Canal Economic Zone in infrastructure projects and mega investments in green Hydrogen, making Egypt a great potential hub for green energy.

“This report confirms the strategic function of the Suez Canal in the Mediterranean region and the pivotal role of Egypt to ensure stability both at regional and global levels. The canal is a key infrastructure and an essential asset for the security and the economic development in the Mediterranean,” Michele Quaroni, the Italian Ambassador to Egypt, said.