Egypt’s Suez Canal revenue surges to $8bn in 2022

Reuters/Aladin Abdel Naby

Egypt’s Prime Minister Mostafa Madbouli has called for an urgent need to work on the new Suez Canal project and increase its revenue generation plan, according to a local media report.

Suez Canal’s revenue stood at $5 billion in 2015-2016, but today its revenue has reached $8 billion, Egypt Today reported the prime minister as saying.

“Through the new strategic project, we have confirmed the position of the Suez Canal as an international shipping passage that cannot be competed, and there is a big difference in the movement and volume of containers that pass through this canal,” the prime minister said.

The revenue of the Suez Canal was estimated at $7.932 billion last year, compared to $6 billion in 2021, said Lieutenant General Osama Rabie, head of the Suez Canal Authority. 

He said the revenue is expected to exceed $8 billion this year, as the canal is witnessing an “unprecedented boom” despite the current global crisis.

In September 2022, Rabie said that Egypt intended to increase fees for ships passing through the Suez Canal by 15 percent in 2023.

Transit fees for bulk and tourist ships will be raised by 10 percent.