Suez Canal achieves highest revenues in its history

The revenues from the expansion of the Suez Canal reached its highest since the expansion project began on the artificial waterway some three years ago.

In a statement during the opening ceremony of the sixth youth convention held a week ago, President AbdelFatah el-Sisi said that the expansion of the Suez Canal led to high efficiency in maritime navigation and also resulted in an income that covered the cost of the project in just two years.

El-Sisi also announced the opening of four new tunnels connecting Sinai Peninsula with the Valley of Nile River next October and November.

On his part, the head of the Suez Canal Authority (SCA), Mohab Mamish, announced that the revenues of the Suez Canal increased by 13.4 percent to $5.6 billion during the first five months of this year, compared to revenues during the same period of last year. Mamish expected revenues to double by the year 2023.

Back in June, the Suez Canal Economic Zone (SCZONE) and Agility company, a Kuwaiti leading logistics provider, signed a protocol of cooperation to establish the expansion in East Port Said.

The Suez Canal Corridor Area Project, launched back in August 2014, focuses on expanding the artificial waterway, leading to an improve in international trade and maritime navigation. The Suez Canal was constructed between 1859 and 1869. (KUNA)