Global Arab Network | Egypt: Suez Canal revenues hit $ 4.5 billion

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Egypt: Suez Canal revenues hit $ 4.5 billion

Tuesday, 27 July 2010 14:35

Egypt - The Suez Canal revenues hit 4.5 billion dollars in the 2009-2010 fiscal year which ended in June, marking a 4.6 percent rise in comparison with the previous fiscal year , Suez Canal Authority chairman Ahmed Fadel said at a press conference held to mark the 54th anniversary of nationalizing the canal on July 26th 2010.

Fadel said the canal's revenues in the first half of the 2009-2010 FY stood at 2.3 million dollars, at a 12.5 percent rise in comparison with the corresponding period in 2008-2009 FY.

The international financial crisis has caused the canal's revenues to plunge in 2009 by 20.3 percent in comparison with 2008, he noted.

He added that piracy in the Gulf of Aden and the Red Sea has a limited impact on the Suez Canal and does not pose any threat to the canal's
revenues.

The Suez Canal is a major waterway of international commerce and navigation, linking the Mediterranean and Red Sea. The ministry of transportation, along with other governmental bodies are responsible for transportation in Egypt. Major ports are Alexandria, Port Said, and Damietta on the Mediterranean, and Suez and Safaga on the Red Sea. (SIS)

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