Egypt’s Suez Canal Reports Record High $15.8 Billion Annual Revenue
The Egyptian national project “The New Suez Canal” is breaking revenue records and bringing optimism over Egypt. The Suez Canal has achieved revenues of $15.8 billion over the last three years, since its inauguration in August 2015, to July 2018, Mohab Mamish, the Chairman of the Suze Canal Authority (SCA) announced this week.
Mamish explained during the third anniversary of the New Suez Canal’s inauguration that the fiscal year of 2017-2018 had witnessed the highest annual revenues for the canal, with about $5.6 billion, which makes it $600 million more than last year.
The New Suez Canal had impressively shortened and cut off the waiting time of the ships to cross the canal by half from 22 hours to 11 hours, which also cut off the transit costs by half. The incredible increase and the rewardable revenue is due to many things, among them are the flexible and convenient marketing policies. In addition to granting incentives to navigation lines and building of bridges and tunnels in the canal.
