Home Business Cloud Egypt Expects Suez Canal Revenues to Hit $7B by 2022

Egypt Expects Suez Canal Revenues to Hit $7B by 2022

Egypt Expects Suez Canal Revenues to Hit $7B by 2022
Phot Courtesy: AP

Egypt anticipates earnings from the Suez Canal to surpass $7 billion by the end of the current fiscal year, according to Finance Minister Mohamed Maait. In addition, despite the Ukrainian conflict, tourism revenues are anticipated to reach $10 billion to $12 billion by then, he noted. The Egyptian fiscal year runs from July 1 to June 30. The article is about Egypt Expects Suez Canal Revenues to Hit $7B by 2022.

The canal provides the quickest shipping route between Europe and Asia and is one of Egypt’s primary sources of foreign revenue. The Suez Canal is a manufactured sea-level waterway in Egypt that connects the Mediterranean Sea to the Red Sea via the Suez Isthmus and divides Africa and Asia. The canal is a commerce route linking Europe and Asia.

Ferdinand de Lesseps established the Suez Canal Company in 1858 with the sole objective of constructing the canal. The canal was constructed between 1859 and 1869. Finally, on November 17, 1869, the canal was officially opened. It provides vessels with a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea. However, it is skipping the South Atlantic and southern Indian oceans and cutting the distance between the Arabian Sea and London by about 8,900 kilometers or ten days at 20 knots to 8 days at 24 knots. 

The Suez Canal runs from Port Said’s northern terminus to Port Tewfik’s southern terminus in the city of Suez. Its total length, including its northern and southern access channels, is 193.30 km (120.11 mi). More than 18,500 vessels will pass through the canal in 2020. (an average of 51.5 per day)

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