Speaking at a press conference, Mr. Rabie emphasized: "This is the first time in history that the Suez Canal has recorded a record revenue of $9.4 billion." Chairman Osama Rabie also stated that the Suez Canal recorded a record number of transit vessels and cargo volume of 25,887 vessels and 1.5 billion tons in the 2022-2023 fiscal year.

Mr. Rabie emphasized that the implementation of a series of development projects by the SCA was a key factor leading to the improved performance of the Suez Canal in fiscal year 2022-2023, notably the project to expand and upgrade the more than 190km long sea lane connecting the Red Sea with the Mediterranean. The goal of the project is to improve the operational efficiency and maritime safety of the Suez Canal.

In addition, Mr. Rabie also stated that SCA is preparing to offer 20% of its shares in Canal Rope on the Egyptian stock market. The SCA chairman expressed hope that the offering of shares in Canal Rope, one of SCA's highly profitable maritime services companies, will generate additional revenue for the Suez Canal.

Approximately 12% of global trade is transported through the Suez Canal. The canal, connecting the Mediterranean Sea and the Red Sea, opened in 1869 and is one of Egypt's key sources of foreign exchange. In 2022, the canal's revenue increased to $7.9 billion, while it saw over 23,000 ship movements, a 15% increase compared to 2021.

H.Ha (According to Reuters, Xinhua)