Prime Minister Mostafa Madbouly made the announcement at a weekly news conference in the country’s new administrative capital, located east of Cairo. He hailed the figures as "promising" and expressed optimism for the future of Egypt's tourism industry

The canal, which accounts for 12% of global trade and is a key pillar of Egypt’s struggling economy, has been heavily affected by the ongoing war between Israel and Gaza, as well as a series of attacks by Yemen's Houthi rebels

With a projected cost of $17 billion, this corridor of roads, railways, ports, and cities could pose a significant challenge to Egypt’s Suez Canal, currently a critical artery of global trade

Spanning 90 meters wide, the barge represents a milestone in the Egyptian waterway’s capabilities, a feat made possible by recent expansion efforts, according to SCA Chairman Osama Rabie

In a public statement, the SCA stressed its adherence to the Constantinople Convention of 1888, an international treaty that guarantees unrestricted access to the canal for vessels of any nationality, whether they are commercial or military

Despite the damage inflicted, the ship continued its voyage with no injuries reported among its crew. The Norderney is managed by Sunship Schiffahrtskontor, which has also not issued a statement

Logistic experts warn that this crisis could have severe consequences for global trade, impacting economies and raising concerns about the efficiency of supply chains