Egypt is expecting a significant increase in total revenues from navigation traffic in the Suez Canal Authority (SCA), with projections reaching $10.3 billion by the end of the year. Coinciding with this, the Suez Canal Economic Zone (SCZONE) has successfully finalized agreements worth a total of $6.75 billion with China Energy Corporation. These deals are focused on promoting the development of green ammonia and hydrogen projects within the Sokhna Industrial Zone. Furthermore, the SCZONE has recently signed a deal with the Hong Kong-listed United Energy Group to establish a potassium chloride production complex, with estimated investments amounting to $8 billion.
Read more: Egypt’s Suez Canal to raise transit fees for ships by 15 percent in 2023
In a statement from the spokesperson of President Abdel Fattah el-Sisi, it was revealed that the SCA navigation traffic for the fiscal year 2022/2023 demonstrated a remarkable growth. The number of vessels transiting through the Canal witnessed a significant increase of 17.6 percent compared to the previous fiscal year, reaching roughly 26,000 vessels. Furthermore, the total revenues generated by the canal exhibited a substantial surge, rising from $7 billion in the previous fiscal year to $9.4 billion in the last fiscal year, marking a notable growth of 34.7 percent.
Modernizing fleet
Lieutenant General Osama Rabie, SCA chairman, presented an overview of the strategies and initiatives aimed at enhancing the southern sector of the Suez Canal’s shipping route. The discussion encompassed the Authority’s endeavors to upgrade and modernize its naval fleet, locomotives, and drilling facilities, all of which contribute significantly to safeguarding the shipping route and facilitating the smooth passage of vessels through the Canal.
Boosting competitiveness
According to the spokesperson, it was announced that the President has instructed the ongoing and rigorous implementation of the Authority’s projects as part of the comprehensive strategy to develop the Suez Canal’s shipping route and facilities. The directive aims to upgrade the infrastructure to fully utilize the Canal’s potential, boost its competitiveness, and solidify its exceptional position in global navigation and trade. These endeavors align with Egypt’s comprehensive development initiatives, which aim to foster a strong and advanced nation across various domains and enhance the quality of life for its citizens.
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