Reports: Egypt to loss massive revenue due to India-Middle East-EU economic corridor

News Snapshot:

Egypt will lose “massive” amounts of much needed financial revenue generated by the Suez Canal if the India-Middle East-Europe economic corridor is established, Israel’s economic Globes newspaper said. The paper quoted Yoel Guzansky, a senior researcher at Israel’s Institute for National Security Studies (INSS) specialising in Gulf politics and security, as saying that Egypt, which controls the Suez Canal, through which ten per cent of the world’s trade and seven per cent of global oil shipments pass, will be the main loser as a result of the project, explaining that revenue from the Suez Canal shot up to $9.4 billion...