Egypt’s Suez Canal expected to reach $7 billion by year-end

Egypt’s Suez Canal is expected revenues worth around $7 billion by the end of the current financial year, finance minister Mohamed Maait said on Saturday.

Maait made his remarks during his participation in an event by the British Egyptian Business Association (BEBA)  in London, with delegates of Morgan Stanley Bank, Bank of America, and Bank of New York.

“Tourism revenues predicted to stand at $10 billion and $12 billion at that time, notwithstanding the Ukrainian crisis,” he added.

Egypt’s financial year starts from July 1 to June 30. The Suez Canal is the fastest shipping route between Europe and Asia; it is considered as one of the country’s main sources of foreign currency. In 2021, the canal registered a historic $6.3 billion in yearly revenues. It also reached its largest annual net tonnage ever in 2021 — 1.27 billion tones — according to official figures.