EconSource: Egypt to Build New Suez Canal

Follow the latest in economic news and developments about the Arab transition countries. 

Egypt plans to add an extra lane to the Suez canal, one of the most important thoroughfares for world trade, in an attempt to increase the number of ships using the canal each day. A new 45-mile (72km) lane, plans for which were announced on Tuesday by Egypt’s president, Abdel Fatah al-Sisi, would allow ships to travel in both directions for just under half of the canal’s 101-mile length. [Guardian]
Tens of thousands of supporters of Yemen’s Shiite rebels took to Sanaa’s streets on Monday demanding the government’s ouster over its decision to hike fuel prices. “The people want to overthrow the corrupt government,” the demonstrators chanted as they marched to central Sanaa from Change Square, the epicentre of protests that led to the ouster of president Ali Abdullah Saleh in 2012. [AFP]
The DOS announced in a press statement on Monday that “in support of President Hadi and the Yemeni government’s efforts to better meet the aspirations of all Yemenis and set their country on the path to stability and prosperity through economic reform and development, the US is pleased to announce the approval of a $30 million contribution to Yemen’s Social Welfare Fund”. [State, SABA]
Also of Interest:
Egypt business activity shrinks in July after subsidy cuts –PMI | Reuters
Egypt, Saudi Arabia, UAE to discuss details of economic conference | DNE, Africa Report
Egypt stocks boosted by Suez Canal mega project news | Ahram
CBL suspends electronic cheque clearing system for one week due to fraud | Libya Herald
US-Morocco cooperation promotes business opportunities in Africa | MAP
Microfinance in Yemen thrives despite economic troubles | Yemen Times