Suez Canal Trade Worths $1.7 tln … Egypt Only Gets $5.2 bln

Dr Tarek Wafiq, Minister of Housing and New Urban Communities, said Suez Canal represents a wasted treasure for Egypt; whereas $1.7 trillion annul trade pass the Canal. But only $ 5.2 billion are being collected as passing fees without any logistic services that Egypt provides to the ships. He referred that Singapore achieves 6 times what Egypt does, although it lacks the Egyptian location.

The minister added that Egypt only supplies a million ton of fuel to the passing ships, while Singapore supplies 41 million tons of fuel every year. The competition on providing the logistic services will be global, as Djibouti seeks establishing Port of Tadjoura for providing maritime freight services. He called on the real estate developers to foster the government in order to take the decision and fulfill this national project.

Dr Wafiq revealed that the ministry jointly with the real estate investors will form a committee to discuss the plan of developing Suez Canal pivot and reviewing the businessmen’s views. He affirmed that the plan seeks resolving the problems that Egypt suffers.

Eng. Fathalla Fawzy, Head of Construction committee, at Egyptian Businessmen Association, on his part, said the government should stop dealing  as trader with the lands, as the land price mainly affects the unit’s price; demanding that the real estate investors should have role in marketing the land pursuant to determined rules.