Suez Canal nets $1.4B since new waterway inauguration
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt, July 25, 2015. The first cargo ships passed through Egypt's New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old SuezCanal. Mohab Mameesh, chairman of the Suez Canal Authority overseer of the project, told state television that this test-run had been a success and that more would follow. REUTERS/Stringer
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CAIRO: The waterway of the Suez Canal has achieved revenues of $1.4 billion during the last three months following the inauguration of the new canal branch in August, Youm7 reported.

Mahmoud Rizq, a member of the border of directors of the Suez Canal, said during a Wednesday news conference that “the results of the long-term projects are not measured in months, and it is not logical to expect higher revenues after only one or two months of the new canal opening.”

Rizq noted that the canal has accomplished $4.3 billion during the past 10 months, which is equal to 32 billion EGP.

A total of 11,721 ships, carrying cargo weighting 68, 5953 tons, have crossed Suez Canal from January to September, Chairman of the Suez Canal Authority (SCA) Mohab Mamish previously stated.

An October report by the Suez Canal Authority (SCA) said that the revenues of Suez Canal dropped to $448.8 million in September, from $462.1 million in August.

The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency. In 2014, Suez Canal revenues registered $5.456 billion, marking 6.75 percent growth compared to $5.111 billion a year earlier.

In August, President Abdel Fatah al-Sisi inaugurated the multi-billion dollar project of the “New Suez Canal” a year after its launch.

Egypt hopes the expansion project which provided a new 72-kilometer canal parallel to the old one to speed up transit time, would bolster the country’s limping economy and boost annual revenue up to $13.5 billion by 2023.

In 2014, the canal revenues amounted to $5.4 billion.

 

Additional reporting by Mohamed Awad

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