CAIRO – 11 February 2024: During the World Government Summit in Dubai, Minister of Finance, Mohamed Maait, stated that the Suez Canal's revenues have the potential to partially endure the effects of the attacks in the Red Sea. This is due to the positive growth experienced by the canal prior to the occurrence of these incidents.
In February, Osama Rabie, the Chairman of Suez Canal Authority, revealed that revenues for January 2024 had decreased by 46 percent, amounting to $428 million compared to $804 million in January 2023.
Rabie further explained that the transit traffic of ships had declined by 30 percent during the period from January 1 to the 11th, when compared to the same period in the previous year.
According to data from the Central Agency for Public Mobilization and Statistics, the Suez Canal witnessed a growth in revenues in April 2023. The revenues reached approximately LE 27.9 billion, marking a notable rise of LE 2.2 billion compared to the previous month's revenue of LE 25.7 billion.
In February, the Chairman of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din, stated that the SCZONE had achieved a total revenue of LE 4.3 billion during the first half of the fiscal year 2023/2024. This figure represents an increase of approximately 70 percent compared to the revenue of LE 2.6 billion during the same period in 2022.
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