The Suez Canal Authority (SCA) plans to raise revenues by $1 billion, the SCA’s chairman said on Wednesday.
The canal achieved revenues worth $600 million during the first year of operation, Mohab Mamish added on the sidelines of a seminar organised by Canada Egypt Business Council (CEBC) on investment in the Suez Canal Economic Zone (SCZone).
Around 20,000 vessels crossed the canal per year, carrying more than 1 billion tonnes of cargoes, local newspaper Shorouk reported.
The SCA’s revenues recorded EGP 76.14 billion during the period between July and March of fiscal year 2018/2019.
Mamish noted that he is currently studying around 13 industries to decide on which will be suitable to be implemented in the SCZone in a bid to attract more investments.
These industries include petroleum refining and petrochemicals, food, and medicine among others.