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Suez Canal revenues witnessed a decline of 64.3% in May 2024, to record about USD 337.8 million, compared to USD 648 million during the same month of 2023. The number of ships crossing in May 2024 recorded 1,111 ships, compared to the same period in 2023, which recorded 2,396 crossings, a decline of 1,285 ships.
The decline in the number of ships was accompanied by a decrease in the total tonnage by 68.5% in May 2024, to record about 44.9 million tons, compared to the crossing of 142.9 million during the same month last year, a decrease of 98 million tons.
Earlier in May, Minister of Finance, Mohamed Maait, said that there are estimates that Suez Canal revenues will decline by almost 60% due to tensions in the Red Sea region. The impact of their attacks has been felt across the region. The Saudi Ports Authority reported that maritime traffic fell to 986 ships in May, an 8 per cent year-on-year decrease. The kingdom reported a 10 per cent year-on-year decrease in handled containers to 647,839 twenty-foot equivalent units (TEUs). The number of passengers fell by around a third. Minister Maait highlighted the impact of global and regional crises on inflation, which has led to an increase of around USD 4 billion in the monthly import bill.
A record 14.9 million tourists visited Egypt last year, just shy of its 15 million target. In the first four months of 2024, 5 million tourists entered Egypt, the second-highest figure on record for that period.
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Egyptian Tourism Minister Ahmed Issa stated that the sector is growing at an unprecedented rate despite the war in Gaza. His ministry is pursuing a large-scale investment programme to improve tourism infrastructure. Issa expects 25,000 new hotel rooms to open across the country in the next 12 months. The total number of rooms is forecast to more than double by 2028, from 200,000 at present to 420,000.
