Suez Official: Canal achieves revenue record

Suez Canal Office Member Mohamed Refaat Mugawer said that canal has achieved a record based on its revenues in October 2019, which is a manifestation that the

Suez Canal Office Member Mohamed Refaat Mugawer said that canal has achieved a record based on its revenues in October 2019, which is a manifestation that the establishing of the New Suez was a must and not  a waste of money. 

In his interview with (Cairo Local Time), he described the canal as a very important artery to the international economy as it links trade between Asia and Europe; 12% of the goods of the world pass through it.  The USA Energy Information Administration has announced that half of the world oil goes through this navigation channel so it is the most strategic route for oil, he asserted.

He added that the Suez Canal can accommodate whatever size of container vessels; recently the MSA Isabella, the world second largest container vessel and gross tonnage of 234 000 transited the canal for the first time. 

Further, Mugawer stated that President Sisi has inaugurated a number of tunnels beneath the canal that ease crossing from and to Sinai from the Nile Valley that leads to having a new urban community in the East Bank of the Suez Canal called the New Ismailia City. This city contains 57000 units. It will take people 20 minutes only to cross from Ismailia to the New Ismailia through those tunnels which boost stability, development and investment in Sinai. It would also boost tourism.

Member Mugawer announced that Egypt has around 4441 fish basin that help bridging the gap between consumption and production. He considered those farms as a step to achieve self-sufficiency. In that regard, he continued, the Suez Canal Authority has made an agreement with the ministry of procurement to provide some kinds of these fish through the outlets of the ministry.  

He values the great cooperation with China through a number of contracts signed with giant companies to enhance heavy industries in the canal economic zone. In Sokhna, we have the second biggest fiberglass factory in the world which exports 90% of its production, he continued to illustrate, adding it also has the biggest petrochemicals complex under construction which will offer more than 3000 direct jobs and more than 25000 indirect jobs. 

He also mentioned the Russian Industrial Zone in the axis of the Suez Canal as a promising project in Port Said that will have about 7 billion dollars investments and will compile car and tractors industries as well as mining industries. 

(Cairo Local Time) is aired from Saturday to Thursday. This episode is presented by Neveen Ramzy, Editor in Chief Dalia abdel Gawad.