Egypt Suez Canal official sees stable revenue in 2012

Revenue from Egypt's Suez Canal will not fall this year from the US$5.2 billion it achieved in 2011, the head of the Suez Canal Authority Mohab Memish said on Thursday.

Memish said the canal, which is a vital source of foreign currency in Egypt along with tourism, oil and gas exports and remittances from Egyptians living abroad, was among the most profitable entities in the country.

Revenue rose to $446.6 million in August, up three percent from July.

The canal authority raised toll fees for all vessels passing through the waterway by three percent in March.

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