Head of the General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamish said Thursday that the global trade movement passing through the Suez Canal is witnessing a significant increase in revenues, quantities of goods in transit and the number of ships and cargoes.<\/p>\n
In August 2017, Suez Canal made a record revenues of $470.6 million (LE8.3 billion), compared to $447.6 million in August 2016, an increase of $23 million by 5.1%.<\/p>\n
He pointed out that the shipping traffic in the canal recorded 1528 ships crossing in August 2017, compared to 1462 in August 2016, an increase of 66 vessels by 4.5%, with total tonnage of 91.5 million tons, compared to 87.8 million tons in August 2016, an increase of 3.7 million tons equivalent to 4.2%.<\/p>\n
The Suez Canal is the fastest shipping route between Europe and Asia and one of the Egyptian government\u2019s main sources of foreign currency.<\/p>\n
Egypt has been struggling to revive its economy since a 2011 uprising drove tourists and investors away. The country agreed to a three-year, $12 billion International Monetary Fund loan program last November that is tied to ambitious economic reforms such as subsidy cuts and tax hikes.<\/p>\n
(Egypt Independent)<\/p>\n","protected":false},"excerpt":{"rendered":"
Head of the General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamish said Thursday that the global trade movement passing through the Suez Canal is witnessing a significant increase in revenues, quantities of goods in transit and the number of ships and cargoes. In August 2017, Suez Canal made a record revenues of […]<\/p>\n","protected":false},"author":40,"featured_media":38378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[22169,22168,17114],"class_list":["post-38377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-mohab-mamish","tag-sczone","tag-suez-canal"],"yoast_head":"\n