Suez Canal revenues expected to net $ 5.5 billion by fiscal year end
Suez Canal Authority Head Mohab Mamish - YOUM7/Sami Waheeb
By YASMINE SAMRA

CAIRO: Suez Canal revenues are expected to reach $ 5.5 billion as of the end of the current fiscal year, Head of Suez Canal Authority Mohab Mamish announced late Thursday during a meeting with the Prime Minister Ibrahim Mahlab.

Suez Canal revenues jumped 8.5 percent to $442.4 million as of the end of November, according to the latest report issued by the Cabinet’s Information and Decision Support Center (IDCS.)

“This would be the highest record ever achieved,” he said, noting that the revenues of Suez Canal jumped 4 percent since July until February.

The canal is one of Egypt’s key sources of income, with ships moving through the canal providing about 10 percent of Egypt’s hard currency. Total revenues in May 2013 reached $438.1 million, and revenue from January to June 2013 reached $3.4 billion.

The government had allocated 2 billion EGP ($287 million) for the start of the Suez Canal Development Project, expected to bring in new foreign direct investments to Egypt,  Minister of Planning Ashraf al-Araby announced early last month.

According to the IDSC, the number of ships that passed through the Suez Canal dropped by five percent, totaling at 1,428 in November compared to 1,503 ships in October.

IDSC said the number of oil tanks that crossed Suez Canal registered an 11.3 percent increase in November, with 297 carriers, compared to the 235 carriers in the previous month.

 

Additional reporting by Hend Mokhtar.

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