«7.8 billion dollars» Expectations of an increase the revenues of the Suez Canal at the end of the year

Since the beginning of this year until now, the indicators of the activity of navigation in the Suez Canal witnessed an unexpected activity, including the number of passing ships and the volume of cargo and containers.

President Abdel Fattah El-Sisi's meeting with Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, dealt with "following up on the activities of the Suez Canal Authority".

Doubling the channel's annual revenues to exceed $7 billion annually

In this context, the president was briefed on the rates of navigation traffic in the Suez Canal, where Lieutenant General Osama Rabie confirmed that the new Suez Canal, which was inaugurated in 2015, led to doubling the annual revenues of the canal to exceed $7 billion annually, as well as the number of ships transiting about 70 ships per day, which contributed In efforts to support the national economy and provide foreign currency.

Reduce carbon emissions

The new Suez Canal also contributed to reducing carbon emissions from transiting ships by a total of 53 million tons due to the increase in the capacity of the canal and the reduction of the time of the ship’s transit journey, which supports the canal’s efforts to become a green channel by 2030.

Bardawil Lake development

President El-Sisi directed the start of implementing the development of Lake Bardawil within the framework of the "Sinai Bardawil" initiative, through which the Suez Canal Authority contributes to the development efforts of Sinai in cooperation with the Belgian company "Demi", which aims to increase the production of Lake Bardawil from the luxurious fish that the lake is famous for from 4000 tons to 11,000 tons annually in the short term, up to 50,000 tons in the medium term, by developing the lake and deepening and expanding the waterways of the gorges that connect it to the Mediterranean Sea, as well as contributing to the reclamation of agricultural lands and the enhancement of vegetation and afforestation in Sinai with an area of ​​​​15 thousand square kilometers  By reusing lake sediments by treating them, purifying them, and pumping them into the soil of Sinai, which achieves a great developmental and environmental impact in North Sinai.

$7.8 billion in revenue

The head of the Suez Canal Authority also reviewed the indicators of the activity of navigation in the canal since the beginning of this year until now, including the number of passing ships and the volume of cargo and containers, which achieved record rates of increase compared to the same period last year with regard to the number of ships and the volume of goods in transit, as well as the increase in revenues. Which is expected to reach about $7.8 billion by the end of this year.

Exploitation of marine berths in the port

On the other hand, the Suez Canal Container Company, the main operator of East Port Said Port Container Terminal, is considering exploiting 1.5 kilometers by 2025, representing the only remaining piece of the total 7,300 meters of sea berths in the port, contracted to operate by international and local entities.

For its part, it entrusted the conduct of the economic study of the project to one of the international consulting offices, pointing out that it aims to pump investments - if the Economic Commission approves it in late 2025.

On the sidelines of the recently held Climate Summit in Sharm El-Sheikh, the Suez Canal Container Company signed a contract for the exploitation and management of a new berth with a length of 955 meters, to enable its current terminal to increase the annual handling volume from 5 million TEUs to 7 million, with investments amounting to $500 million.