Watan – Recent discussions at the G20 summit in India have brought to light a new economic corridor, which has been the subject of various media reports, including Israeli ones. These reports have oscillated between mocking and downplaying the significance of Egyptian President El-Sisi’s policies, which they argue have led Egypt into a downward spiral.
US President Joe Biden announced at the G20 conference this economic corridor, which aims to connect India, Europe, the Gulf, and Israel. Notably, this corridor will involve several countries, including the United Arab Emirates, Saudi Arabia, and Jordan, but makes no mention of Egypt or the Suez Canal.
According to the Israeli economic newspaper “Globes,” Egypt, which controls the Suez Canal—a passage for 10% of global trade and 7% of oil movement—might be among the first to suffer from this new initiative. The report points to the economic failures of the El-Sisi regime, which has pushed the country towards decline in various aspects.
The strategic analyst from Globes, Brigadier Shmuel Elmoz, suggests that the project is expected to start at the Piraeus port in Greece. From there, it’s estimated to move by sea to the Israeli port of Haifa, which will then be connected to Israel and the Gulf countries by rail. The route will go from Haifa to Jordan, then to Saudi Arabia and the UAE, eventually reaching the port of Jebel Ali. From there, goods will be loaded onto ships bound for Mumbai, India. It’s anticipated that roads will be built to other regional countries, including Bahrain and Oman.
This new route could significantly shorten the transportation time from Russia to India to just about ten days, compared to the 30 to 45 days it currently takes via the Suez Canal.
Egyptian lawyer Jamal Eid documented the economic failures of the El-Sisi regime in a tweet on the platform “X” (formerly Twitter). He highlighted the country’s external debt, the increase in prices of all services and goods, the sale of Egyptian assets, companies, ports, and banks to Gulf countries, and the devaluation of the Egyptian pound.
In conclusion, while the Suez Canal has been a significant economic lifeline for Egypt, Biden’s new project might challenge its dominance in regional trade, further highlighting the economic challenges faced by the El-Sisi regime.