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Elham AbolFateh

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EGP100 mln targeted increase in Suez Canal revenues in 2017-2018 FY: Planning Ministry

Saturday 13/January/2018 - 08:32 PM
Sada El Balad
Hassanein Tayea
According to a report issued by the Ministry of Planning، Follow-up and Administrative Reform the government is targeting achieving an increase in the Suez Canal revenues estimated at $100 million to reach $5.7 billion compared to the canal revenues last year.

The report added that، in accordance with the government reform plan، the slow pace international trade contributed to the decline in the Suez Canal revenues to reach $5.12 billion during the fiscal year 20162015، due to the decline in the number of ships' passing through the canal to 17.25 thousand ships.
Revenues of the Suez Canal edged up by 17 percent، registering $455.8 million during November 2017، the Suez Canal Authority said in a statement on Thursday.

The revenues of the corresponding period in 2016 were $389.2 million، the statement added.

The number of ships passing through the canal recorded 1،506 ships during November 2017، hitting a 10.2 percent increase when compared to 1،366 ships in November 2016.

Head of the General Authority for Suez Canal Economic Zone، Admiral Mohab Mamish، said that the Suez Canal is keen to develop the shipping fairway and upgrade the efficiency of marine services provided to all passing ships.

He also said that world trade is gradually recovering and will positively affect the canal in regard to increasing of the number of passing ships and revenues.

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