Mamish: Suez Canal revenues hit $15.8bln in 3 years

ISMAILIA - 6 Aug 2018: Chairman of the Suez Canal Economic Zone (SCZone) Mohab Mamish said Monday that the canal achieved revenues valued at dlrs 15.8 billion (EGP 219 billion) in the past three years.

During a celebration marking the third anniversary of the New Suez Canal inauguration by President Abdel Fattah El Sisi, Mamish said 52, 199 ships transited the canal during that period with a load of about 3 billion tons.

He said the year 2017-2018 recorded the highest annual revenues in the history of the canal with a dlrs 600 billion increase over the previous year.

Mamish said the flexible marketing policies and incentives granted to navigation lines, along with the establishment of bridges and tunnels in the canal area contributed to the increase of revenues and the number of vessels crossing the waterway.

He thanked President Abdel Fattah El Sisi for the rapid response he showed to the Suez Canal project to achieve economic development in the country through launching such mega projects whose fruit will be borne by the current and coming generations.

He said SCzone is pregnant with investment projects, pointing out to the importance of the waterway location in the world and its role in serving international navigation.

Egypt will double its revenues from the canal by 2023, said Mamish, pointing out that the process of development in the country will start from the waterway.

He also said that the canal managed to during the past years to receive the biggest and most advanced ships in the world after a series of studies and measures to improve the its performance.