Revenues from the Suez Canal rose to $2.49bn in the first half of 2017, the highest in two years, helping to boost Cairo’s coffers. The influence of more US crude and LNG going to Asia is becoming more apparent in the southbound data.

Egypt’s economy spent much of 2016 on a respirator until it signed up for a $12bn loan from the IMF in November last year. Revenue from pillars of the economy such as tourism and the Suez Canal fell to multi-year lows.

Tourism was hit by terrorist...