Suez Canal hits record revenue of $5.3B
Suez Canal - YOUM7 (Archive)

CAIRO: The Suez Canal recorded the highest revenue since its inauguration in 1869 with $5.3 billion in 2014, $22 million more than last year, head of Suez Canal Authority Mohab Mamish announced Monday.

Mamish attributed the rise to “the confidence of the maritime community and the owners of ships and transportation companies globally in the efficiency of running and securing the waterway by the Egyptian Armed Forces.”

The ongoing New Suez Canal project, which has been funded by citizens’ investment certificates, will raise the canal’s revenues to $100 billion in three to five years, Mamish said in a presentation to the Cinema Professions Syndicate in Ismailia.

The project will transorm the one-way waterway into two-way canal, allowing two ships to cross opposite of each other at the same time, which would increase the number of ships passing through the canal each day.

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