Egypt's Suez Canal revenues rise in October: Mamish

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Sun, 12 Nov 2017 - 09:10 GMT

BY

Sun, 12 Nov 2017 - 09:10 GMT

Suez Canal. file photo

Suez Canal. file photo

CAIRO –12 November 2017: The number of ships transiting Egypt's Suez Canal rose 7.8 percent and its revenues surged 13.7 percent compared to October 2017, hitting $547 million, said Canal Authority chairman, Mohab Mamish, on Wednesday.

Mamish added during his economic conference that the development projects of the Suez Canal is the hope and future of Egypt and the idea of developing the canal aims to add values, complementary industries, create logistic zones and axes ports in Port Said.
We seek to solve all problems that may face investors and provide all possible facilities to support new investments, added Mamish.

Head of the Suez Canal Authority signed six contracts with Egyptian and foreign investors to develop northern and southern sides of the economic zone of the Suez Canal on the sidelines of the World Youth Forum (WYF) taking place in Sharmel-Sheikh.

He asserted that the development project of the Suez Canal will benefit both the Egyptian and global economy as it shall offer nearly one million job opportunities for Egyptian youth, praising the effective role played by the Egyptian Ministry Of Investment And International Cooperation in attracting new investors.

“The signed agreements are the fruits gained from several foreign tours in Europe and Asia to attract investors to the Suez Canal economic zone,” said Minister of Investment and International Cooperation Sahar Nasr.

Last October, Mamish revealed that the canal revenues hit $4.345 billion in January-October 2017, compared to $4.2 billion during the same period a year earlier.

In the second quarter of 2017, Arab countries injected $300.8 million worth of investment in Egypt, with the United Arab Emirates coming on top, with $161.1 million, followed by Saudi Arabia at $37.7 million.

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