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Elham AbolFateh

Egypt

SCA chairman says Suez Canal revenues hit $6 bln in 2018

Thursday 08/November/2018 - 09:34 PM
Sada El Balad
Hassnein Tayea
Chairman of Suez Canal Authority (SCA) Mohab Mamish said on Thursday that the Suez Canal revenues are expected to reach $6 Billion in 2018، with a $500 million increase compared to revenues reached in 2017.

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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