30 Aug 2021

The Minister of Planning & Economic Development revealed that the government plans to increase the Suez Canal’s revenues by 5.6% in FY21/22 to reach EGP99bn (USD6.3bn). This will be higher than the revenue achieved before the outbreak of the Covid pandemic.

It is worthy to note that 10% of all global trade movement, 25% of all goods moved in containers, and 100% of all seaborne container trade between Europe and Asia passes through the Suez Canal. The canal is capable of passing 100% of the global fleet of container vessels, 93% of the fleet of dry bulk vessels, and 62% of oil and other tankers. The Suez Canal’s revenues represent one of the main sources of foreign currency for Egypt. The Suez Canal region is currently undergoing comprehensive development to transform it into a logistical and high-tech industrial region and a major hub for global trade, which will also increase its competitiveness among global shipping passageways.

Source: al-Ahram (English) (Arabic), Egypt Today (English), Daily News Egypt (English), al-Maal, Amwal al-Ghad, Hapi Journal, al-Youm al-Saabe, al-Masry al-Youm, al-Watan)