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Maritime Logistics Professional

May 22, 2022

Egypt Expects Suez Canal Annual Revenues to Hit $7 Billion

© Val Traveller / Adobe Stock

© Val Traveller / Adobe Stock

Egypt expects the Suez Canal's revenues to reach about $7 billion by the end of the current fiscal year, finance minister Mohamed Maait said on Saturday.

Tourism revenues are expected to reach between $10 billion and $12 billion by then, despite the Ukrainian crisis, he added. Egypt's fiscal year runs from July 1 to June 30.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.

(Reuters - Reporting by Ahmed Ismail, Writing by Moataz Mohamed, Editing by Andrew Heavens)