New Suez Canal doubles revenues, capacity


Suez Canal, Egypt. File photo

from AHMED MOOLA in Cairo, Egypt
Egypt Bureau
CAIRO, (CAJ News) – THE new Suez Canal has doubled annual revenues to exceed $7 billion since opening in 2015.

The revenues are expected to reach about $7,8 billion by the end of this year.

The number of ships transiting the canal increased to reach about 70 vessels per day, contributing to efforts aiming to support the national economy and provide foreign currency.

Admiral Osama Mounier Mohamed Rabie, Chairman and Managing Director of the Suez Canal Authority (SCA), disclosed the figures at a meeting with Egyptian President Abdel Fattah El-Sisi.

The new Suez Canal also contributed to reducing carbon emissions from vessels transiting it by a total of 53 million tonnes due to the canal’s capacity increase and the reduction of transit time, thus supporting the canal’s efforts to become a green canal by 2030.

El-Sisis during the meeting directed that Lake Bardawil be developed.

This is part of Bardawil Sinai Development Initiative to which the SCA contributes, in cooperation with DEME Group.

The development efforts aim to increase the production of Lake Bardawil.

The target is to increase the production of high-quality fish from 4 000 tonnes to 11 000 tonnes annually in the short term, and up to 50 000 tonnes in the medium term.

– CAJ News


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