Egypt Independent

After record 2011 revenue, canal authorities plan development projects

Suez Canal

revenues are projected to increase in 2012, after the canal brought in a record amount of US$5.2 billion in 2011, Lieutenant General Ahmed Ali Fadel of the Suez Canal Authority told state-run news agency MENA Monday.

Experts say the canal's 2011 revenues quadrupled those attained in 2000.

Authorities continue to focus on development in the Suez Canal region, Fadel said. Projects for the future include the installment of marine fuel stations and establishing multiple passing directions for vessels to cut down on waiting time and allow more ships into the canal.

The Suez Canal is one of Egypt’s most important sources for hard currency, along with tourism and remittances. It is also perceived to be an indicator of world trade activity.

Edited translation from Al-Masry Al-Youm