Adm. Ossama Rabiee Meets the delegation of the IMF Mission

Adm. Ossama Rabiee, Chairman and Managing Director of the Suez Canal Authority, received the delegation of the International Monetary Fund mission, headed by Ms. Ivanna Vladkova Hollar, to gain first-hand insight into the SCA’s various activities and projects as well as its future projections for traffic through the Canal amid the restoration of stability in the Red Sea region.
The meeting was attended by Deputy Chairman of the Suez Canal Authority, Adm. Ashraf Atwa; Mr. Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies, a number of SCA board members and representatives from the Ministry of Finance. The meeting was held at the SCA’s Maritime Simulation and Training Academy in Ismailia.

This visit comes as part of the IMF mission’s official trip to Egypt and within the framework of fruitful cooperation between the Suez Canal Authority and the Ministry of Finance.

At the outset of the meeting, Adm. Ossama Rabiee welcomed the delegation of the IMF mission to the Suez Canal Authority, and expressed his appreciation for the IMF’s pivotal role in supporting developmental efforts and enhancing the efficiency of financial and monetary policies.
H.E. emphasized that the Suez Canal holds special importance for the Egyptian economy as it represents one of its main sources of foreign currency, pointing out that the Canal achieved total revenues of USD 40 billion in the period from 2019 to 2024.

Adm. Rabiee stressed that the Suez Canal has succeeded in withstanding various challenges over the past years; most notably the COVID-19 pandemic, the EVER GIVEN grounding crisis, then the Russian-Ukrainian war, and most recently the Red Sea crisis, by adapting flexibly to global economic changes, maintaining continuous communication with clients, and meeting their requirements through adopting flexible marketing and pricing policies.

H.E. noted that the Canal successfully minimized the repercussions of the Red Sea crisis by adopting an ambitious strategy based on diversifying income streams and introducing new maritime and logistical services that were not previously available; most importantly waste removal which is provided by Antipollution Egypt (a partnership between the SCA and Antipollution), ship maintenance and repair services, crew change services, pollution control services, and more. That is in addition to promoting efforts to localize maritime industries and open new export markets.

Adm. Rabiee explained that the Sharm El-Sheikh Peace Summit was a major turning point in restoring stability to the Red Sea region after nearly two years of negative impacts driven by security concerns, noting in this regard that the Canal’s traffic statistics have improved as stability returned to the Red Sea region once more.

H.E. underscored that the Canal’s traffic statistics from the beginning of last July until today, the Canal recorded the transit of 5874 vessels at a total net tonnage of 247.2 million tons, generating USD 1.970 billion in revenues, compared to 5584 vessels, 216 million tons in total net tonnages, and USD 1.677 billion in revenues during the same period of last year. That is a 5.2% increase in the number of vessels, 14.4% in net tonnages, and 17.5% in revenues.

Adm. Rabiee also reviewed the Canal’s total projected revenues for the upcoming period, as projections show improved revenues in the financial year 2025/2026, a rise to around USD 8 billion in the financial year 2026/2027 and approximately USD 10 billion in the financial year 2027/2028.

The presentation also covered the SCA’s various economic and developmental projects in the fields of fish farming, industrial development with the establishment of a floating pontoon factory, a factory for building tugboats in Safaga, the construction of a petrochemicals complex in Ain Sokhna as well as service activities in Canal cities such as water-treatment services, healthcare, education, and more.

At the end of his speech, H.E. emphasized the vital role of international economic entities in conveying a positive image of the current situation in the Red Sea region and encouraging the return of navigation through the area.
On her part, Ms. Ivanna Vladkova Hollar, Chief of the IMF Mission to Egypt, affirmed that the Suez Canal has a strategic importance in global trade. She stressed that the advanced navigational and logistical services provided by the Canal, along with the significant savings in time and distance, make it a key element in supporting global supply chains and global trade.

She praised the SCA’s ability to manage various crises and flexible handling of challenges by improving the efficiency of services and maintaining ceasless communication with clients, underscoring that these efforts contribute to the sustainability of navigation and restoring stability in the Red Sea.

The visit included attending a maritime training maneuver at the Maritime Training and Simulation Academy, followed by a tour of the Suez Canal Museum, a tour in the New Suez Canal, and a visit to the Suez Canal Yacht Marina in Ismailia.