Mamish: Suez Canal Revenue Reached EGP317.2 Bln in 4 years

Chairman of the Suez Canal Authority Mohab Mamish said, on Tuesday, that Suez Canal financial revenue reached EGP317.2 billion in 4 years .

During marking the fourth anniversary of the new Suez Canal inauguration, Mamish added that the new Suez Canal project addressed the obstacles facing the Suez Canal, especially with the increasing number of vessels.

The Chairman of the Suez Canal Authority confirmed that the new Suez Canal zone will be transformed into a global trade hub, explaining that the project was completed in just one year instead of three on Sisi’s orders.

He noted that the Suez Canal represents Egypt’s engine for development that pushes the Egyptian economy towards more investments and helps the provision of hard currency.

“The Suez Canal has achieved unprecedented records in the traffic in terms of the number and tonnage of transit vessels,” Mamish added.

He confirmed that the new Suez Canal has solved the major problems that hindered navigation in the canal four years ago.

Today, Egypt marks the fourth anniversary of the new Suez Canal inauguration.

Noteworthy, president Abd El Fattah El Sisi inaugurated the new Canal on August 6، 2015. Egypt received international support as it inaugurated a major extension of the Suez Canal; President Sisi expected it to power an economic turnaround in the Arab world’s most populous country.

The inauguration ceremony was attended by leaders and kings of the world and delegations of Arab, European, African and Asian countries, who  were invited by President El Sisi, to see the Egyptian achievement and the ability of Egyptians to achieve the dream of opening the new canal in a record time.

The New Canal is considered a value added to the national economy، represented in the growth of the national income due to the increase of the Suez Canal’s revenues، establishing industrial and economic entities، establishing and developing a number of ports، encouraging all other factors of production.