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Revenues at Egypt's Suez Canal spike 5.4% to $6.3bn in 2018-19

Revenues increased from $2.5bn in 2015-16 to $4.4bn in 2016-17, said Suez Canal Authority chairman Mohab Mamish

Suez Canal links the Red Sea with the Mediterranean.
Suez Canal links the Red Sea with the Mediterranean.

The Suez Canal Authority has recorded a 5.4% jump in its 2018-19 revenues to reach $6.3bn, compared to corresponding numbers in the last financial year, with the chairman of Suez Canal Economic Zone and the Suez Canal Authority, Mohab Mamish, stating that the numbers are its “highest revenues on record”.

Speaking on the fourth anniversary of the new Suez Canal’s inauguration, Mamish said that the renovation projects boosted the authority's proceeds, which hit $6bn in the 2017-18 fiscal year.

The chairman said that revenues increased from $2.5bn in 2015-16 to $4.4bn in 2016-17.

According to UAE’s state-held news agency Wam, the chairman said that up to 81 ships passed through the Suez Canal — which links the Red Sea with the Mediterranean — with 5.5 million tonnes (t) cargo, in a single day in August.

The canal authority is currently preparing for passage of the world’s largest tank ship, type 24-Megamaz, with a capacity of 23,000 containers. It is one of 11 sea vessels chosen for operation for commerce between the Far East and West Europe.

Mamish said that $25bn had been invested in projects in the canal zone, with the authority aiming to invest more than $55bn in the next 15 years.

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Construction Week - Issue 747
Aug 03, 2019