Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7 billion from the previous year, Suez Canal Authority (SCA) Chairman Osama Rabie said on Wednesday.
Addressing a press conference on Wednesday, Rabie attributed the Suez Canal’s revenue increase to the crisis in Ukraine and ongoing development projects by the SCA, among other factors.
The SCA, he said, is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt’s government IPO programme.
According to Ahram Online, the Suez Canal Holding Company was established to facilitate to generate additional revenue for the canal.
The Egypt recently created new Suez Canal holding company to control two state-run companies that belonged to the Suez Canal Authority (SCA).
The new company, named Suez Canal Holding Company for Industries and Naval Services and Investments, will be headquartered in the northeastern city of Ismailia and will be subject to the public business sector provisions and regulations.
The new company will take charge of two companies previously run by SCA, namely Canal Mooring & Lights Company and Port Said Engineering Works & Marine Constructions Company, as subsidiaries.
The holding company is formed to boost maritime-related industrial and commercial activity, “including what is related to building, repairing and renovating ships,” the Egyptian cabinet said in the statement early this month.
The Suez Canal is one of Egypt’s main sources of national income. Connecting the Mediterranean Sea and the Red Sea, the man-made canal is a major lifeline for global seaborne trade, with some 12 percent of the world trade volume passing through it.