The Suez Canal continues to achieve unprecedented success in increasing its revenue and performance rates, attracting more investors to its economic zone.
Update of marine fleet to support canal security and attract investors to the economic zone — File photo
New Suez Canal boosts revenue and capacity, according to Dr. Ahmed Mustafa, a business professor and economic expert.
Dr. Mustafa further confirmed that the decision to construct the new Suez Canal, which was inaugurated in August 2015, is one of the reasons behind the increase in the canal's performance rates and revenue in an unprecedented manner.
This has contributed to increasing the canal's capacity to accommodate ships up to 107 per day and reducing their transit time by half, while providing the highest level of safety and reducing the incidence of accidents.
In a statement to the press, the economic expert added that the continued development of the waterway, facilities, and infrastructure of the canal, including the completion of the project to expand and deepen the southern region of the Suez Canal, extending its length to about 30 km and a depth of 72 feet instead of 66 feet, will add 6 more ships to the canal's capacity in that area.
He continued, "Updating the canal's marine fleet of tugs and dredgers to secure the waterway and support ships transiting the canal will continue to increase canal revenues, in addition to attracting more investors and foreign investments to the canal's economic zone, given the increased work activity in the canal area.
This is evident in the value of revenues, along with incentives, grants, and tax exemptions that the state has granted to investors to attract them, which will benefit the national economy."
It is worth mentioning that the Suez Canal has recorded its highest revenues in history this year, amounting to $2.3 billion, in addition to registering its highest daily crossing rate in its history, with 107 ships carrying 6.3 million tons in March.
Moreover, it has contributed to increasing non-tax revenues in the budget for the fiscal year 2022/2023 by about 17.6 billion Egyptian pounds.
According to Presidential spokesperson Ahmed Fahmi, Egyptian President Abdel-Fattah El-Sisi on Tuesday was briefed on the navigation movement in the Suez Canal during the first quarter of this year, which showed a 20% increase in the number of ships passing through the canal compared to the same period last year, with revenues reaching approximately $2.3 billion, a 35% increase from last year. The canal also recorded its highest daily crossing rate in history on March 13, with 107 ships carrying a total of 6.3 million tons.
Lt. Gen. Osama Rabie presented the development projects for the navigational route of the Suez Canal, as well as the efforts of the Authority to update its fleet of tugs and dredgers in line with its pivotal role in securing the canal and assisting passing ships.
In this regard, the President directed the continuation of the strategy to develop the Suez Canal and its navigational course, along with all its infrastructure, with the aim of maintaining its distinguished performance, known globally for its efficiency and capability, in light of its unique position in global navigation and trade.
