Boston, MA -- (SBWIRE) -- 03/10/2014 -- Political uncertainty will continue to affect the Egyptian economy in 2014 as the country continues upon its rocky transitional period towards democracy. At the time of writing, in January 2014, the country continues to see break outs of violence, as it prepares for the next elections, likely to take place in March. The uncertainty will continue to hamper trade and economic growth over the year.
The presence of the Suez Canal in Egyptian territory provides an important source of income in fees and associated businesses to the Egyptian economy; those ports and transit routes expected to see strongest growth in 2014 are those located near to the canal, such as East Port Said and roads leading to it. However, should instability bring danger to these ports then these two could see volumes affected. On the upside, continued delays to the opening of the widened Panama Canal is boosting throughput on the Egyptian waterway.
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Headline Industry Data
- Air freight handled at Cairo International Airport is set to grow by 3.7% year-on-year (y-o-y) in 2014 to reach 320,980 tonnes. Over the medium term to 2018, growth will average 3.5% per annum.
- Rail cargo will enjoy expansion of 1.9% in 2014, with growth projected to average 1.7% over the medium term.
- Total tonnage throughput at East Port Said is forecast to grow by 3.5% to 26.51mn tonnes in 2014, and to average 5.4% per annum to 2018.
- Total trade is forecast to see a growth in real terms of 4.0% in 2014,picking up in 2015 to 8.2%.
Key Industry Trends
Adabiya Port Project Highlights Suez Upgrade Drive: Development at the port of Adabiya demonstrates the Egyptian government's commitment to modernising its maritime sector. The Suez Canal's role in the global shipping industry is pivotal, and investment in the port will ensure it remains competitive.
Suez Canal Attracts New Customers: Continued delays to the expansion of the Panama Canal, through the widening of its locks, has led to more ships choosing to use the Suez Canal instead, benefitting from the increased economies of scale offered by using the other waterway as an alternative route.
Egypt Outlines New Airport City Proposals: The Egyptian government is to build a new airport city at Cairo International Airport. The proposed project is worth an estimated US$14.49bn, and will cover an area of up to 10mn square metres.
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