New Suez Canal doubles revenues, enhances global trade route, says Lieutenant General Osama Rabie
Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority SCA, stated that the New Suez Canal project has doubled revenues for Egypt and was essential for global trade routes and Egypt's maritime standing. He noted that annual revenues increased from $4.8 billion to a record $10.2 billion. Before the expansion, the canal had limited navigational safety and depth, preventing it from accommodating modern mega-ships and leading to longer transit times of up to 22 hours. The parallel canal, envisioned by President Abdel Fattah El-Sisi, increased daily transit capacity from 42 to 85 ships, with a record of 107 ships handled on one day after the Ever Given crisis. Transit times were reduced to 11 hours, making it the world's shortest, most cost-effective, and safest maritime route. Rabie also highlighted ongoing expansion efforts, including developments in the southern sector and a 10-kilometer extension of the Small Bitter Lakes double-channel, increasing the two-way canal's total length to 82 kilometers. Despite Red Sea tensions temporarily reducing ship traffic by 50%, President El-Sisi has directed the authority to maintain full operational readiness and high-level service.
