Suez Canal revenue up
Revenue from Egypt’s Suez Canal was up 4% for the seven months to August 6 compared to the corresponding period despite slowing global trade, the authority responsible for the 72km waterway says.
According to MANA,Speaking at a celebration to mark the one-year anniversary of the $8bn expansion of the canal on Saturday, Suez Canal Authority (SCA) chairman Mohab Mameesh said revenue reached $3.183bn for the period between January1-August 6, up from $3.059bn.
“The revenue was supposed to be affected by the 14 percent drop in global trade volume from 2014 to 2016, but the new canal helps us to avoid that,” Mameesh said, noting the 4% US dollar growth.
Egyptian President Abdel Fattah al-Sisi, who attended Saturday’s anniversary, inaugurated the widened Suez Canal last year, a project designed to double daily traffic and increase annual revenue to more than $13bn by 2023.
Egyptian President Abdel Fattah al-Sisi, who attended Saturday’s anniversary, inaugurated the widened Suez Canal last year, a project designed to double daily traffic and increase annual revenue to more than $13bn by 2023.