Suez Canal’s revenues increase by 10 percent in 2018

CAIRO – 4 April 2019: The Suez Canal Authority denied signing a contract with the Ministry of Finance to pay all its debts after failing to pay $600 billion back to different banks.

“The Suez Canal Authority has no debts to be paid and its revenues increased by 10 percent in 2018. Such news has nothing to do with reality and aims to incite public violence,” the authority’s chairman Mohab Mamish stated.

New Suez Canal Project played an important role in upgrading the Suez Canal Economic Zone’s classification and opened new horizons to benefit from the goods passing through the canal annually which exceed 1 billion tons.

It is worth mentioning that the Suez Canal contributes 10 percent to the total international trade, 24.5 percent to international containerization trade and 100 percent to Asian and Europe containerization trade.

In a similar vein, the General Authority for Suez Canal Economic Zone announced that it is closed to finalize contracts with international companies to operate new quays at the East Port Said port.

Mamish announced on Friday that negotiations are underway with other major international companies to do business at the port and that these new docks will be operational by mid-2020.

Mercedes will be among the international companies that will provide logistic services at the harbor’s quays, Mamish added.

He further noted that the authority has signed a contract with the French company Ecoslops to establish a plant for oil residues treatment.

He revealed the Suez Canal Container Terminal (SCCT) plans to make expansion at the harbor.