Egypt targets to raise Suez Canal’s revenues by $1bn

Daily News Egypt
1 Min Read

The Suez Canal Authority (SCA) targets to raise the Suez Canal’s revenues by $1bn, according to Mohab Mamish, the chairperson of SCA.

He added on Wednesday during a seminar held by the Canada Egypt Business Council (CEBC) on investment in the Suez Canal Economic Zone (SCZone), that the canal achieved revenues worth $600m during the first year of its operation.

“Around 20,000 vessels crossed the canal per year, carrying more than 1bn tonnes of cargoes,” according to Mamish.

Notably, the Suez Canal’s revenues recorded EGP 76.14bn during the period from July 2018 to March 2019.

Mamish noted that he is currently studying around 13 industries to decide on which will be suitable to be implemented in the SCZone in order to attract more investments, among these industries are the petroleum refining. petrochemicals, food, and medicine.

Share This Article