Suez Canal’s revenues exceed US$6bn in 2018-2019: official

CAIRO, Mohab Mamish, Chairman of the Suez Canal Economic Zone and the Suez Canal Authority, declared on Tuesday that the authority posted, during the finance year 2018-2019, highest revenues on record, amounting to USD 6.3 billion, rising by 5.4 percent compared to the previous fiscal year.

Speaking at the canal authority headquarters, on the fourth anniversary of inaugurating the new Suez canal, Mamish said the renovation projects contributed to increasing the proceeds, noting that they reached USD 5.98 billion in the 2017-2018 fiscal year.

Elaborating, he noted that the revenues rose from USD 2. 48 billion in the 2015-2018 fiscal year to USD 4.42 billion in the 2016-2017 financial year.

In a single day this month, up to 81 ships passed through the canal – with a 6.1 million ton cargo, he said, noting that the high number of the passing ships reflected the canal authority policy of luring more clients to use the strategic and key canal that links the Red Sea with the Mediterranean.

The canal authority is currently preparing for passage of the world largest tank ship, type 24-Megamaz, with a capacity of 23,000 containers. It is one of 11 sea vessels chosen for operation for the commerce between the Far East and West Europe, as part of the navigation service Silk/10 AE, in coordination with the navigational Line Maersk.

He revealed USD 25 billion had been invested in projects in the canal zone, with aspirations to up the funds to USD 55 billion in the coming 15 years to fund ventures that will secure one million jobs.

Source: Emirates News Agency