Cairo Centre for Economic Studies director Dr Abdel-Moneim al-Sayed expects that growth in Suez Canal revenues that could hit US$13.2bn compared with the current US$5.4bn, an increase of 259 per cent..
The New Suez Canal project is one of the largest and most important projects Egypt has ever seen, reflecting the extent of the political leadership’s awareness of the need for the State to push forward national economic and social development in the wake of the recent transitional phase.
Egypt’s leadership is sagacious enough to see the importance of improving benefits from such an important economic resource. About 10 per cent of the world’s trade and 22 per cent of all container ship trade pass through the Suez Canal, Sayed said.
The Suez Canal tops Egypt’s sources of national income and foreign currency, quite apart from the contribution of this international waterway to the Gross Domestic Product (GDP).
