Egypt’s Suez Canal hits Highest Revenues in its History – Official

Despite multiple challenges Egypt faced during 2014, the country’s vital waterway Suez Canal recorded its highest annual revenue since its inauguration in 1869, the canal’s head announced on Friday.

According to Mohab Mamish, the Egyptian canal brought in a whopping US$5.323 billion (EGP 37.021 billion), representing an increase of around US$700 million (EGP 5 billion from last year.

The ongoing New Suez Canal project, which has been funded by citizens’ investment certificates, is set to raise the canal’s revenues to $100 billion in three to five years, Mamish noted.

The project will transform the one-way waterway into two-way canal, allowing two ships to cross opposite of each other at the same time, which would increase the number of ships passing through the canal each day.