Suez Canal revenues hit 5.3 bln USD in 2017: Egyptian official

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The Suez Canal revenues rose 5.4 percent to hit 5.3 billion U.S. dollars in 2017 compared with 5 billion dollars in 2016, Chairman of Egypt’s Suez Canal Authority Mohab Mamish said on Thursday.

The 2017 statistics recorded a noticeable growth in the number of the ships and vessels transited the canal and their cargoes, which proved the economic feasibility of the New Suez Canal, Mamish said during a meeting with the international women’s club at the Authority’s Headquarters.

The official added that the Suez Canal revenues in Egyptian pound terms surged by 89.5 percent to reach 93.8 billion in 2017, compared to 49.5 billion in 2016, benefiting from the Egyptian pound flotation.

The Suez Canal Authority’s policies supported the increase in the number of transited ships and its cargoes to 17,550 vessels and billion tons in 2017, compared to 16,833 vessels in 2016, he pointed out.

The Suez Canal is one of Egypt’s main sources of national income and foreign currency reserves, besides tourism and foreign investment that have been suffering decline over the past few years due to political turmoil and relevant security challenges.

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