The head of the Suez Canal Authority (SCA), Mohab Mamish, announced that the revenues of the Suez Canal increased by 13.4% during the first five months (5M) of this year, compared to its revenues during the same period of last year.

Meanwhile, he explained that revenues in May increased by 16% compared to the same month last year, pointing out that the revenues in May are considered a record.

This came during his meeting with President Abdel Fattah Al-Sisi on Saturday, in the presence of the acting head of the Egyptian general intelligence service, Abbas Kamel.

During the meeting, Mamish reviewed the latest developments concerning the development of the Suez Canal Economic Zone (SCZone), pointing to the increasing interest of major international companies to invest in the region.

Furthermore, he also reviewed the executive status of the new tunnels being established in the region.

On the other hand, the president instructed the SCA and the General Authority for the SCZone to exert efforts to develop and strengthen the capacity of the SCA.

He stressed on the importance of concerted efforts of state institutions to work on the success of the projects being implemented in the SCZone, in order to increase investment opportunities and provide more work opportunities within the framework of the comprehensive development process currently pursued by the state.

For his part, Mamish assured that the SCA’s policy is to encourage investment in the Suez Canal region, through providing incentives, overcoming all the obstacles that investors face, and focusing on industries that provide more employment opportunities.

He noted that a number of contracts have been signed with international companies to invest in the economic zone.

In that context, last Wednesday, Russia and Egypt signed an agreement to establish a Russian industrial zone in the region of the Suez Canal in East Port Said on an area of 5.25m sqm.