Suez Canal Revenue Rises 94% in October Despite Red Sea Tensions
Published
Suez Canal revenue rose 94% year-on-year in October, reaching $724 million, compared with $373 million in the same month of the previous year. Rabie said the increase reflects an improvement in shipping traffic through the canal, without providing further details in the source.
These figures come at a time when threats by the Houthis in the Red Sea continue, threats that have affected ship movements in the region in recent period. Nevertheless, the canal was able to achieve this significant revenue growth.
The Suez Canal is one of the most important waterways in the world, as it connects the Mediterranean Sea with the Red Sea, and represents an important source of hard currency for Egypt. Therefore, officials and investors continuously monitor its figures.
These results point to the canal's importance for the Egyptian economy, and also show that the increase in revenue could support the state's development plans. Observers are awaiting the continuation of this trend in the coming months.
Sources: Al-Monitor
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