Archives For Egypt

Egypt’s Ministry of Interior confirms that it has foiled a plot to smuggle a large shipment of cannabis weighing 6 tons into the country through the Mediterranean Sea on board a ship.

The Ministry said in an official statement that the efforts of its security services are continuing to abort the schemes of dangerous elements seeking to import and smuggle narcotics into Egypt.

It pointed out that early investigations of the General Directorate for Drug Control confirmed the intention of a gang to smuggle a large amount of cannabis stored in Syria to Egypt.

The crew of the ship managed to set sail from the Syrian port of Lattakia for landing off the coast of Egypt, but Egypt’s maritime security prevented them from doing so.

The ministry added that in light of the information available about the movement of the smugglers, they moved to the south of Crete to avoid arrest by the Egyptian authorities.

The ministry said that the concerned bodies coordinated with Greek authorities and provided them with information on the movements of the ship to be seized.

The coordination resulted in the Greek authorities seizing the ship and the cargo and arresting its crew of six persons with Syrian nationality.

The search of the ship resulted in the seizure of a total of 6 tons of cannabis hidden inside secret stores. Source: Egypt Independent, 9 December, 2017

Advertisements
Capesize bulk carrier at Suez Canal Bridge [www.maritemexecutive.com]

Capesize bulk carrier at Suez Canal Bridge [www.maritimexecutive.com]

Egypt has plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project to expand trade along the fastest shipping route between Europe and Asia.

The project, to be run by the army, is a major step by new President Abdel Fattah al-Sisi to stimulate Egypt’s struggling economy and recalled some of the grand national programs of one of Sisi’s predecessors, army strongman Gamal Abdel Nasser.

The Suez Canal earns Egypt about $5 billion a year, a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising that preceded Mursi’s presidency.

An official in the Suez Canal Authority told Reuters the new canal was set to boost annual revenues to $13.5 billion by 2023. The new channel, part of a larger project to expand port and shipping facilities around the canal, aims to raise Egypt’s international profile and establish it as a major trade hub.

“This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometers (44.74 miles),” Mohab Mamish, authority chairman, told a conference in Ismailia, a port city on the canal.

He said the total estimated cost of drilling the new channel would be about $4 billion and be completed in five years, though Sisi said he hoped it would be finished within a more ambitious one-year deadline.

The original canal, linking the Mediterranean and Red Seas, took 10 years of brutal, poorly paid work by Egyptians, drafted at the rate of 20,000 every 10 months from “the peasantry”.

It slashed weeks if not months off journeys between Europe and Asia that otherwise necessitated a trip round Africa. Up to 20 Egyptian firms could be involved but would work under military supervision, he said.

Egypt has planned for years to develop 76,000 sq km (29,000 sq miles) around the canal into an international industrial and logistics hub to attract more ships and generate income.

Neil Davidson, senior adviser for ports and terminals at London-based Drewry Maritime Research, said the new canal would not necessarily generate greater trade but the development of a hub around it could prove lucrative.

“The strategic location of Egypt and the canal is a key advantage… being a key point where cargo can be distributed or worked on. This hubbing concept is extremely valuable,” he said.

Mamish, the chairman, said the project would involve 35 kilometers (22 miles) of “dry digging” and 37 kilometers (23 miles) would be “expansion and deepening”, indicating the current Suez Canal, which is 163 km (101 miles) long, could be widened as part of the project.

The Panama Canal linking the Atlantic and Pacific Oceans in Central America, is also being expanded with a third set of locks being built to allow bigger ships to pass through the waterway. That project is due to open in 2016.Among the bidders for the Suez project, according to Egypt’s Al Mal newspaper, was a group including state-run Arab Contractors and consultancy firm James Cubitt and Partners. Another included McKinsey & Co management consulting firm. Source: Reuters

TCredit - Photobuckethe United Nations Conference on Trade and Development (UNTAD) yesterday ranked Nigeria Africa’s number one destination for Foreign Direct Investment (FDI) in Africa for the second time in two years. The latest UNCTAD report, entitled, “Global Value Chains: Investment and Trade for Development”, put Nigeria’s FDI inflows at $7.03billion while South Africa recorded $4.572bn; Ghana, $3.295bn; Egypt, $2.798bn and Angola, 6.898bn; among others.

According to the report, FDI inflows to African countries went up by five per cent to $50bn in 2012, though global FDI declined by 18 per cent. The report noted that most of the FDIs into Africa mainly driven by the extractive industry, but said there was an increase in investments in consumer-oriented manufacturing and services.

Global FDI fell by 18 per cent to $1.35 trillion in 2012. This sharp decline was in stark contrast to other key economic indicators such as GDP, international trade and employment, which all registered positive growth at the global level,” which was attributed to economic fragility and policy uncertainty in a number of major economies, giving rise to caution among investors.

It added that developing countries take the lead in 2012 for the first time ever, accounting for 52 per cent of global FDI flows. This is partly because the biggest fall in FDI inflows occurred in developed countries, which now account for only 42 per cent of global flows. In 2011, Nigeria was ranked Africa’s biggest destination for FDI, with total inflows of $8.92bn, South Africa followed with $5.81bn, while Ghana received $3.22bn. Source: AllAfrica.com

 

Statue of Khufu in the Cairo Museum

Statue of Khufu in the Cairo Museum

A French-Egyptian archaeological mission discovered the oldest commercial harbor from the fourth dynasty King Khufu (Cheops) at Wadi Al-Jarf area, 180 km south of Suez. On the Red Sea shore at Wadi Al-Jarf area along the Suez-Zaafarana road, a French-Egyptian archaeological mission from the French Institute for Archaeological Studies (IFAO) stumbled upon what it believed to be the most ancient harbor ever found in Egypt.

The harbor goes back to the time of the fourth dynasty King Khufu. The harbor is considered one of the most important commercial ports where trading trips to export copper and other minerals from Sinai were launched.

A collection of vessel anchors carved in stone was also discovered as well as different docks.

Minister of State for Antiquities Mohamed Ibrahim announced that a collection of 40 papyri, showing details of daily life of ancient Egyptians during the 27th year of King Khufu’s reign, was also unearthed during excavation.

“These are the oldest papyri ever found in Egypt,” asserted Ibrahim. He also stated that these papyri are very important because they reveal more information about the ancient Egyptians’ daily life. Source: Egypt State Information Service

For a more detailed account, checkout The History Blog – Click Here!

To view a video report click this link:

http://www.youtube.com/watch?v=OCmvillIUrc&feature=player_embedded

An Egyptian delegation to the WCO Harmonized System Committee, on behalf of the Director General of Egyptian Customs, Mohamed Elalhawy, presented the Secretary General of the WCO, Kunio Mikuriya, with a colour papyrus copy of the Customs tariff applied in Egypt during the time of the Pharaohs some 2000 years B.C. The original tablet is to be found in a museum in Egypt. You can view a photograph of the Egyptian tablet by clicking here!

The Secretary General thanked Egyptian Customs for this impressive gift full of significance which clearly illustrated the historic nature of Customs tariffs dating back more than 4000 years. He expressed the hope that one day he would be able to see the original stone tablet in Egypt. The papyrus will be displayed at WCO Headquarters. Source: http://www.wcoomd.org