RIYADH: Egypt’s Suez Canal Authority and the Namibian Ports Authority have signed a memorandum of understanding amid efforts to propel cooperation in development and training.
The agreement aims to exchange expertise and enhance bilateral cooperation in several areas, most notably marine construction, the sale and leasing of marine units, and advanced training through the Suez Canal Authority’s academies, according to a statement.
This is supported by figures from the Suez Canal Authority, which reported revenues of $1.97 billion from 5,874 ship transits since early July, representing a 17.5 percent year-on-year increase, chairman Osama Rabie said during a recent meeting with an International Monetary Fund delegation.
It also aligns well with Rabie’s further forecast that the canal’s revenues would improve during the 2026/2027 fiscal year to around $8 billion, rising to approximately $10 billion the following year, according to a statement issued by the authority.
The newly released statement said: “Rabie affirmed the authority’s readiness for fruitful and constructive cooperation with the Namibian Ports Authority, given the expansion of the entity’s international projects and its efforts to open new markets and engage with the African continent.”
