Egypt’s Suez Canal Revenues To Hit $7bln By End of FYSource: www.export-egypt.com 5/22/2022, Location: Africa |
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Egypt expects the Suez Canal’s revenues to reach about $7 billion by the end of the current FY — ends on 30 June — up from $5.5 billion last year, Minister of Finance Mohamed Maait said
. Maait’s statement came during separate meetings with representatives of Morgan Stanley Bank, Bank of America, and Bank of New York during his participation in the sessions of the British Egyptian Business Association (BEBA) in London. The Suez Canal, which connects the Mediterranean and Red Seas, is the shortest maritime route between Asia and Europe and the fastest crossing from the Atlantic Ocean to the Indian Ocean. The sea-level canal is also the longest conduit in the world without locks, with a normal transit time from end to end of about 13 to 15 hours. In 2021, the canal recorded a historic $6.3 billion in annual revenues. It also received in 2021 its largest annual net tonnage ever — 1.27 billion tonnes — according to official figures. In other news, Maait expects tourism revenues to hit $10-12 billion by the end of the FY despite the Russian-Ukrainian conflict. Tourism flow to Egypt declined by 35 percent due to the conflict, Maait pointed out. Russia and Ukraine are major sources of tourists for Egypt, which depends on the vital sector as a source of foreign currency. |
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