News

Egypt’s Suez Canal October Revenues Decline 7 Percent Year-on-Year

Egypt’s Suez Canal October Revenues Decline 7 Percent Year-on-Year

Photo: Reuters
Photo: Reuters

Revenues from Egypt’s Suez Canal declined 7 percent year-on-year during the month of October to reach USD 418.1 million, according to the latest data from the state’s information website.

October’s revenues are also less than the revenues the Canal registered during August by USD 29.5 million.

The Suez Canal is traditionally one of Egypt’s main sources of foreign currency, which has been in short supply during the past few years.

Earlier this year, claims began circulating that ships are shifting their routes from the Suez Canal to the Cape of Good Hope at the southern tip of Africa due to the global fall in oil prices.

Chairman and Managing Director of the Suez Canal Authority Mohab Mamish rejected those allegations, declaring, “The Suez Canal is the main route for world trade, and no other alternative can take its place in the field of maritime transport.”

The much-anticipated expansion of the Suez Canal promised by President Abdel Fattah Al-Sisi in 2014, was inaugurated a year later in a lavish ceremony attended by leaders from around the world and high-profile figures from Egyptian society.

While the Egyptian leader proclaimed that the new Canal would more than double annual revenues by 2023, experts have been more pessimistic, pointing to a decline in global trade, which would lead to declining demand for shipping through the Canal. To achieve the 2023 goal, shipping would have to increase by 9 percent per year, with no decline in traffic.

Analysts have noted that the building of the Suez Canal is as much an economic development project as it is a way for President Sisi to muster political support. The Suez Canal has, ever since President Gamal Abdel Nasser nationalized it in 1956, been a source of pride for Egyptians and a testament to Egypt’s independence from foreign control. One analyst said of the new Suez Canal project that “Sisi is taking a page directly out of Nasser’s playbook.”

Egypt Launches Second Phase of Direct Flights From Japan, Bringing Tourists to Luxor
292 Members of ISIS-Affiliated Group Referred to Military Court for Plotting to Assassinate Egypt's Sisi

Subscribe to our newsletter


News

More in News

Egypt's Karim Abdel Gawad and France's Camille Serme

Egypt’s Karim Abdel Gawad Wins Tournament of Champions in New York

Egyptian StreetsJanuary 21, 2017
22.jpg.crop_display

Cairo Court Lists Egyptian Football Legend Aboutreika on Terror List

Egyptian StreetsJanuary 19, 2017
32385636795_e6f5d7101d_z

Egypt Secure Spot in Knockout Stage at 2017 Handball World Championship

Egyptian StreetsJanuary 19, 2017
1073779_big-lnd

Egypt’s Essam El-Hadary Makes African Cup History

Egyptian StreetsJanuary 18, 2017
pol

Eight Policemen Killed in Attack in Egypt’s New Valley

Egyptian StreetsJanuary 17, 2017
Tiran Island

Egypt High Court Declares Void Transfer of Tiran and Sanafir to Saudi Arabia

Egyptian StreetsJanuary 16, 2017
Top-best-hd-wallpapers-dubai-skyline-hd-wallpapers-imagen-by-balamuda

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Egyptian StreetsJanuary 15, 2017
A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany

Medicine Prices in Egypt Increased by up to 20%

Egyptian StreetsJanuary 13, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.