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Egypt plans to increase Suez Canal’s revenues by $1bn

The Suez Canal Authority (SCA) aims to increase the Suez Canal’s revenues by as much as $1bn, Mohab Mamish, the chairperson of SCA informed. During the first year of its operation the canal achieved revenues worth a total of $600m.

Shipping | 23/04/19

Mohab Mamish stated during a seminar on investment in the Suez Canal Economic Zone (SCZone), that in addition to the $600m revenues, approximately 20,000 vessels crossed the canal per year.

These ships carried over 1bn tonnes of cargoes, Mr. Mamish added.

What is more, local media reported that the Suez Canal’s revenues were EGP 76.14bn from July 2018 to March 2019.

Mohab Mamish is now analyzing about 13 industries to decide which will be the best to be implemented in the SCZone, so as to attract more investments. These industries include the petroleum refining, petrochemicals, food, and medicine.