Today: 1 July 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

Trump Ends Syria Sanctions

Syria has been designated a State Sponsor of Terrorism by the United States since December 1979…reports Asian Lite News US President Donald Trump signed an executive order terminating Syria sanctions, according to

Khamenei rebukes Trump

Khamenei said Iran had triumphed over the US and downplayed the impact of the strikes on the country’s nuclear infrastructure Iran’s Supreme Leader Ayatollah Ali Khamenei has sharply rebuked President Donald Trump’s

Ronaldo stays! Al Nassr deal extended

Portuguese icon commits to Saudi side amid swirling transfer rumours and global football spotlight Cristiano Ronaldo has officially extended his stay at Saudi Arabian club Al Nassr until 2027, putting an end
Go toTop

Don't Miss

EgyptAir to resume direct flights to Toronto

EgyptAir has announced the resumption of direct flights between Cairo

Egypt Opens Rafah for Gaza Aid

Egypt has opened the Rafah crossing to enable the flow