IMF: Suez Canal revenues and tourism to recover in 2027-2028
The International Monetary Fund (IMF) has forecast that Egypt’s revenues from the Suez Canal will recover over the next two years, returning to levels close to those recorded before the Gaza War and the Red Sea crisis in late 2023, which led to a sharp decline in shipping traffic.
Recent data released by the IMF showed that Egypt’s canal revenues could reach 1.3% of GDP in the 2027–2028 fiscal year, and 1.5% in the following fiscal year, compared to 1.7% of the economy during the fiscal year ending on June 30, 2024, as the region overcomes the impacts of regional tensions.
International forecast data also showed optimism regarding the upward trajectory of tourism revenues, which the IMF expects to reach 4.5% of GDP in 2030–2031, compared to 3.8% in 2023–2024. This reflects the growth momentum in the sector, which remains one of the most important sources of foreign exchange earnings and employment in the economy, despite geopolitical tensions.
Yesterday, Egypt’s Ministry of Transport announced that the vessel “Wadi El Nil” is currently sailing from China toward Egypt, while the second vessel, “Wadi El Qamar,” is preparing to sail to Egypt. The Minister of Transport, Major General Engineer Kamel El-Wazir, inspected both vessels on Friday and attended the handover ceremony of the two new ships to the state-owned Egyptian National Shipping Company from the global New Hantong shipyard in China.
The Ministry noted that the delivery of the two vessels is part of the Egyptian state’s efforts to support and modernize the national commercial fleet and enhance its competitiveness in regional and international markets.
The two dry bulk carriers, “Wadi El Nil” and “Wadi El Qamar,” share identical technical specifications. Each vessel has a deadweight tonnage of 82,000 tons, a length of 229 meters, a beam of 32.26 meters, and a draft of 14.5 meters. Each ship has a fuel capacity of 2,054 cubic meters, enabling continuous sailing for 90 days without stopping. They are also equipped with a comprehensive seawater desalination plant with a production capacity of 20 tons per day, ensuring their operational needs are met during long voyages.
In the energy sector, results from Dana Gas, the UAE-based company, for the first half of 2026, showed positive indicators regarding its operations in Egypt. The company announced a 47% increase in net profits, reaching AED 393 million (approximately $107 million), and a 51% rise in revenues to AED 946 million. Production also increased by 7%, reaching approximately 13.3 thousand barrels of oil equivalent per day.
Italy’s Eni classified Egypt among the top exploration areas in 2026, according to the company’s performance report. It listed Egypt alongside Angola, Namibia, Côte d’Ivoire, Libya, and Indonesia under the category of “Outstanding Exploration,” reflecting Egypt’s importance within Eni’s global exploration portfolio.
