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Stories related to telecommunications and transport links. 

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Sharp drop in Suez Canal revenues adds to Egypt's woes

Sharp drop in Suez Canal revenues adds to Egypt's woes

Egypt's already considerable economic problems took a turn for the worse last month as revenues from transit of shipping through the Suez Canal dropped by half as a result of security problems in  the Red Sea and the Gulf of Aden. Attacks by Houthi rebels on commercial vessels forced major shipping companies to divert away from the key global trade artery. Income from the international strategic waterway last month dropped to $428 million, compared to $804 million in January 2023, Osama Rabie, chairman of the Suez Canal Authority, said in an interview with Egyptian television channel ON TV. The total number of ships through the Suez Canal last month fell to 1,362 vessels, down 36 per cent from the 2,155 vessels navigating the canal during January 2023, he said. Houthi militants in Yemen began attacking commercial vessels in October in solidarity with the Palestinians in the Israel-Gaza war, and show no signs of retreating despite the US and Western allies attempting to deter the Iran-backed group with air strikes, which began on January 12.  Many shipping companies have rerouted their vessels away from the Red Sea to avoid the attacks, opting instead for the longer and more expensive route around the Cape of Good Hope at the southern tip of Africa. The Suez Canal is the shortest sea route between Asia and Europe. With about 12 per cent of the world's shipping traffic passing through it, the waterway is a major facilitator of global trade. The canal is also a crucial source of foreign currency for Egypt. The North African economy, already grappling with record inflation and a heavy debt burden was further impacted by the Israel-Gaza war, which has slowed tourism and decreased shipping through the Suez Canal. Egypt is "particularly exposed" to the Red Sea shipping crisis as the country generates about 2.2 per cent of its gross domestic product in annual balance-of-payment receipts and 1.2 per cent of GDP in fiscal revenue from Suez Canal dues, the International Monetary Fund said in its regional economic outlook in January.

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Editor's choice
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Tashkent hosts major conference focusing on Central and South Asia

Tashkent hosts major conference focusing on Central and South Asia

Speaking at the start of one of the largest international events to take place in the Uzbek capital for decades, the president of Uzbekistan, Shavkat Mirziyoyev, spoke of the need for the revival of mutual ties in Central and South Asia, where about two billion people live today. Regional and world leaders are attending the International Conference “Central and South Asia: Regional Interconnectedness. Challenges and Opportunities”, including high level officials from the EU and the US, the President of Afghanistan, the Prime Minister of Pakistan, the foreign ministers of the Central and South Asian countries, and delegations from 44 countries and about 30 international organisations.
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Cairo's underbridges on a path of transformation

Cairo's underbridges on a path of transformation

Egypt's capital, Cairo, is home to hundreds of bridges and bridge extensions scattered all over the metropolis. For long, under bridges were a place for the homeless, renegades and illicit activities but the scene is rapidly changing now as underbridges turn into cafes and social corners. 
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EU and Central Asian states hold annual High-Level Political and Security Dialogue

EU and Central Asian states hold annual High-Level Political and Security Dialogue

The eighth High-Level Political and Security Dialogue between the European Union and the countries of Central Asia - Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan - took place on Thursday (1 July) in the capital of Uzbekistan, Tashkent, with the participation of Afghanistan as special guest. The meeting provided an opportunity to discuss regional dynamics and advance region-to-region cooperation on a broad spectrum of issues, including border management, security and the promotion of sustainable connectivity.
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TRACECA seeks closer co-operation with EU in implementing its connectivity agenda Europe-Caucasus-Asia

TRACECA seeks closer co-operation with EU in implementing its connectivity agenda Europe-Caucasus-Asia

TRACECA seeks a closer co-operation with the European Union as it pursues its plans and activities to promote connectivity Europe-Caucasus-Asia in areas related to transport. This was stated by the Secretary-General of the TRACECA Inter-Governmental Commission, Asset Assavbayev, who this week was on a visit to Brussels  for discussions with EU officials. TRACECA brings together thirteen countries that form a transport corridor stretching from the heart of Europe to the borders of China.
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Egypt plans to upgrade its seaports

Egypt plans to upgrade its seaports

Egypt will implement a comprehensive plan in which its ports will be upgraded. The country plans to become a logistics hub in the MENA region with the aim of promoting its position in international trade. The new plan, expected to be completed by 2024, involves 58 projects for upgrading Egyptian ports at an estimated cost of  63 billion Egyptian pounds (around 4 billion US dollars).
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Opinion
Opinion: Indo-European rapprochement and the competing geopolitics of infrastructure

Opinion: Indo-European rapprochement and the competing geopolitics of infrastructure

With the geopolitical focus shifting towards the Indo-Pacific region and China's growing assertiveness, Indo-European relations become increasingly important. In this op-ed for commonspace.eu, Alex Petrosyan looks at how the EU and India are taking their co-operation to a higher level with the Connectivity Partnership launched in May, and why even closer relations are necessary.
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Editorial
Editorial:	TRACECA poised to play an increasingly important role in the connectivity Europe-Caucasus-Asia

Editorial: TRACECA poised to play an increasingly important role in the connectivity Europe-Caucasus-Asia

TRACECA is a child of the EU’s ambition to be a global player. The EU should not forget, nor ignore, nor sideline, TRACECA’s work. Instead it should recognise that TRACECA has shown it is resilient and adaptable. The next phase of EU-IGC TRACECA co-operation must therefore be more strategic, and more ambitious.