FILE- Suez Canal Economic Zone FILE- Suez Canal Economic Zone

Suez Canal Authority breaks new record

Thu, Dec. 20, 2018
CAIRO – 20 December 2018:"The Suez Canalachieveda new record in the transit of ships, in which 60 ships passed on Tuesday with a tonnage of 4.3 tons inboth directions,” MohabMamish, chairman of the Suez Canal Authority (SCA), said.

In an official statement, the SCA revealed that the Northern direction witnessed the transit of 25 ships with 1.9million tons on Wednesday, Dec. 19, where the biggest tonnage was 198,000 tons for the MSC ZADE ship travellingfrom Morocco to Amman
Additionally, 35 ships passed in the South direction with a tonnage of 2.4 million tons. The biggest tonnage was 221,000tons of the MUNICH MAERSK vesseltravellingfrom Malaysia to Holland.

The Suez Canal Authority, headed by MohabMamish, celebrated on August 6 the third anniversary of the opening of the new Suez Canal.

The Economic Zone is rising and within a year it will be the first competitor to other economic zones, as there are 116 projects that are being studied with complete accuracy, Mamish said.

Mamish added that the Suez Canal is the locomotive of development in Egypt that will help push the Egyptian economy towards more investments, providing hard currency.

“We want to improve the investment in Egypt,” stressed Mamish.

Mamish explained that this new Suez project achieved an unprecedented increase in revenues in the financial year of 2017/2018, with total revenues amounting to 5.6 billion dollars. Inevitably, the canal's revenues helped increase the value of the Egyptian pound.

The revenues during 2017/2018 amounted to LE 99.1 billion, compared to LE 73.3 billion during 2016/2017.

He also pointed out that the canal contributed to solving major problems that hindered navigation. Additionally, there is currently a new canal where malfunctioning ships are taken in, so that ship movement continues naturally without delays or losses.
 
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