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Suez Canal’s revenues mark historic annual record: Mamish

Wednesday, 27 June 2018 | 12:00

The head of the Suez Canal Authority (SCA), Mohab Mamish, announced that the revenues of the Suez Canal marked a historic annual record, increasing by 16.7 percent at most times throughout 2018 compared to last year.

The canal’s revenues rose by 15 percent in the first two months of 2018, recording $887 million, compared to $771 million in the same two months of 2017.

In February 2018, the revenues of the canal reached $435.8 million, compared to $541.9 million in January of the same year, marking an increase of 3.56 percent.

According to Mamish, the higher figures reflect the importance of the canal for international trade.

The Central Agency for Public Mobilization and Statistics said earlier that the revenues of Suez Canal reached LE 12.2 billion in the first quarter of 2017/2018, compared to LE 11.5 billion in the first quarter of the previous year, with a 6.1 percent increase.

In 2017, Suez Canal revenues rose to $5.3 billion from $5 billion in 2016.

The Suez Canal is an artificial sea-level waterway that connects the Mediterranean Sea to the Red Sea. It provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.

It is also considered to be one of the world’s most heavily used shipping lanes and it is a source of foreign currency for Egypt.

Moreover, he added that the state is seeking to benefit from the huge volume of cargoes that cross the canal annually through the establishment of industrial zones to attract foreign investors.
Source: Egypt Today

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