Suez Canal revenues rise 10% in Q1

Suez Canal revenues rise 10% in Q1
The rise comes on the back of increased competition for the Suez Canal

Cairo – Mubasher: Revenues from Egypt’s Suez Canal in foreign currency increased in the first quarter of the new fiscal year by 10%, according to Suez Canal Authority (SCA) chairman.

Ehab Mamish noted that the rise comes on the back of increased competition for the SCA, adding that commercial trade has also begun to recover.

A delegation from the Ministry of Finance (MoF), led by vice minister of finance for fiscal policies and institutional reform Ahmed Kouchouk conducted a field trip to the Suez Canal area to oversee the ongoing developments and progress taking place in the area, a statement by the MoF showed on Thursday.

Official data recently showed that Suez Canal revenues were down 2.2% in September to $459.8 million compared to $470.6 million in August.

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Source: Mubasher

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