Egypt’s Suez Canal revenues rise 34.7%

The revenues of Suez Canal rose by 34.7 percent recording $9.4 billion compared to $7 billion in the last financial year, Chairman of Suez Canal Authority, Osama Rabie said in a briefing with Egypt’s President, Abdel Fatah al-Sisi on Monday.

The number of ships that crossed the Suez Canal rose by 17.6 percent , compared to the previous fiscal year, totalling 26,000 ships he explained, adding that revenues are projected to reach $10.3 billion by the end of 2023.

The meeting also tackled the development of the southern sector of the Suez Canal, as well as the authority’s fleet of tugboats and dredgers. In that context, the president instructed the acceleration of the projects aimed at bolstering the waterway’s competitiveness.