Today: 19 October 2025
5 July 2022
1 min read

Suez Canal records all-time high revenue of $7bn

Egypt’s Suez Canal Authority (SCA) reported record-breaking revenue of $7 billion for the fiscal year 2021/2022, up 20.7 per cent from a year earlier…reports Asian Lite News

“The income is the highest figure ever recorded and is over a fifth higher than the previous fiscal year’s $5.8 billion in transit fees,” Xinhua news agency quoted SCA Chairman Osama Rabie as saying.

He added that some 1.32 billion tonnes of cargo were shipped through the canal in the fiscal year, which ended on June 30.

Ongoing global crises have proved the importance of the Suez Canal in guaranteeing the sustainability of global supply chains, the SCA Chairman added.

ALSO READ:Dubai firm discovers oil reserve in Gulf of Suez

The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

Around 12 per cent of the world’s trade passes through the man-made canal, which is a major source of hard currency in Egypt.

Previous Story

4,559 Afghan refugees expelled from Iran, Pakistan: Taliban

Next Story

Israel, Poland agree to improve ties

Latest from Arab News

Clearing A Mess in Gaza

Municipalities across Gaza have mobilized their limited resources to clear streets and set up temporary shelters for thousands of displaced families…reports Asian Lite News The conflict has left behind an estimated 55

Gaza, Malaysia to help Gaza Rebuild

Egyptian, Malaysian leaders discuss Gaza aid, reconstruction amid ceasefire…reports Asian Lite News Egyptian President Abdel Fattah al-Sisi and Malaysian Prime Minister Anwar Ibrahim spoke by phone about efforts to support Gaza’s reconstruction,

Netanyahu to Run Again in 2026

When asked whether he expects to win, Netanyahu said, “Yes.”…reports Asian Lite News Israeli Prime Minister Benjamin Netanyahu has confirmed his bid for re-election in the 2026 parliamentary polls. He made the

UK backs Egypt-led Gaza stabilisation force

Britain takes an advisory and strategic role in US-backed efforts to establish a UN-mandated international force in Gaza and guide reconstruction plans estimated at £50bn…reports Asian Lite News Britain is taking a
Go toTop

Don't Miss

COP27 DAY 3: Building climate resilience for 4 billion people by 2030

The Adaptation Agenda is the first comprehensive global plan to

UAE, Egypt Leaders Discuss Regional Developments

The two presidents also discussed UAE-Egypt ties, particularly in the