Suez Canal revenues rose to $8B: Prime Minister

CAIRO - 26 February 2023: Egypt’s Prime Minister, Mostafa Madbouli, reviewed a comparison of the new Suez Canal between 2014 and 2023, explaining that there was an urgent need to work on the new Suez Canal project and work to increase the revenues of the Suez Canal.

 

Madbouli reviewed the rise in Suez Canal revenues after the inauguration of the new canal, pointing out that in 2015-2016, the canal achieved revenues of $5 billion, but today its revenues have reached $8 billion, and there is another surge in revenue operations.

 

"Through this strategic project, we have confirmed the position of the Suez Canal as an international shipping passage that cannot be competed, and there is a big difference in the movement and volume of containers that pass through this canal,” he said.

 

The revenues of the Suez Canal in 2022 were estimated at $7.932 billion, compared to $6 billion in 2021, according to the previous statement of Lieutenant General Osama Rabie, head of the Suez Canal Authority, and in 2023 he expected to achieve a return of more than $8 billion.

 

Osama Rabie considered that what the canal is currently witnessing is an unprecedented boom, despite the existing global crisis.