Egypt vexed by Israel, UAE plans for 'rival Suez Canal' | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Egypt vexed by Israel, UAE plans for 'rival Suez Canal'

Warming economic ties between Israel and the United Arab Emirates have forced a wedge between Abu Dhabi and ally Cairo amid talk of plans to build a rival Suez Canal.

Around 10 percent of the global trade volume passes through Egypt's Suez Canal, the fastest shipping route between Europe and Asia.

The Suez Canal has remained a vital lifeline for the Egyptian economy during the Covid-19 pandemic, with maritime traffic and revenues actually having risen in the first four months of 2020 before taking a dip in the second quarter.

A burgeoning economic partnership between Israel and the UAE could threaten Egypt's important role in global trade, however.

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