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Wednesday, 21 November 2018

$500m increase in Suez Canal annual revenues in 2018: SCA

The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government

Ahram Online , Thursday 8 Nov 2018
SC
A cargo ship is seen passing through Egypt's New Suez Canal in July 2015, one of the first to pass through the new $8 billion canal (Reuters)
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Egypt's Suez Canal revenues are expected to reach $6 Billion in 2018, with a $500 million increase over revenues reached in 2017, the head of the Suez Canal Authority (SCA) Mohab Memish said in press statements.
 
The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.
 
In August 2015, Egypt celebrated the landmark inauguration of the New Suez Canal that saw the digging of a new 72-kilometre long and 24-metre deep parallel canal in the middle section of the existing 145-year-old Suez Canal.
 
The building of the New Suez Canal had been imperative to receive bigger ships and to compete with rival routes.
 
Over the past two years, Egypt has been seeking foreign investment for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry, as well as commercial and residential developments.
 
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