Suez Canal Authority Chairman Osama Rabie said on Wednesday that the Red Sea crisis did not create a sustainable route to replace the canal, adding that there were positive indicators for the return of stability in the region.
Osama Rabie, Chairman of the Suez Canal Authority, Reuters/Mohamed Abd El Ghany
Suez Canal Authority Chairman Osama Rabie said on Wednesday that the Red Sea crisis did not create a sustainable route to replace the canal, adding that there were positive indicators for the return of stability in the region.
Iran-backed Houthi militants have attacked vessels in the Red Sea area since November 2023, disrupting global shipping lanes by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising the costs for insurers.
Reporting by Momen Saeed Atallah
The Democratic Republic of Congo (DRC) has agreed to ship copper to Saudi Arabia and the United Arab Emirates under a new, US-backed partnership aimed at weakening China’s grip on global supplies of critical minerals.
Lebanon holds one of the largest gold reserves in the Middle East. Now, as the country sinks deeper into economic collapse, officials are quietly debating whether that stockpile could help stabilize a shattered financial system, a move that remains politically toxic and legally constrained.
Algeria has begun the process of cancelling its air services agreement with the United Arab Emirates, signed in Abu Dhabi in May 2013, state media said on Saturday.
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