Chairman of the Suez Canal: Record figures last year… and not close to the assets of the authorities

Osama Rabieh, head of the Egyptian department of the Suez Canal, said that the channel’s revenues reached record highs this year, amounting to $8 billion.

In an interview with CBC, Rabih said 23,800 ships crossed the canal, up 15 percent from last year, and reached 1.4 billion tons, up 11 percent.

Rabi added that the purpose of establishing a special fund for the Suez Canal Authority is to increase the ability to contribute to the sustainable economic development of the administration and the development of the facility, as well as to help the authorities withstand crises and emergencies and the ability of the authorities to carry out all economic activities.

He clarified that no assets of the Suez Canal Authority could be accessed, and that government surpluses, taxes and royalties would not be available for placement in the fund.

He pointed out that the fund aims to withstand crises, especially the 2020 coronavirus crisis that has affected the whole world and other waterways, but the Suez Canal has been successful thanks to good planning.

Rabih added that the new Suez Canal and the development taking place in the south, 40 km long to widen the canal by 40 meters and deepen it to 72 feet, as well as the duplication of the Bitter Lakes to add 10 km, have all formed attractive factors for customers and increased channel revenue.

Rabih said the Suez Canal Authority has set future figures expected to be achieved by the Suez Canal Authority fund through investments or partnerships between £200bn and £300bn over the next ten years through investment projects to be established.

Source: “Sada El Balad” + “Week”.

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