ISMAILIA, Egypt, Aug 1 (NNN-MENA) – Chairman of the Suez Canal Authority, Osama Rabie, said yesterday that, the Suez Canal has generated 153.4 billion U.S. dollars in revenues, and facilitated the transit of approximately 1.1 million ships, since the waterway’s nationalisation in 1956 to date.
“This achievement underscores Egypt’s success in maintaining sovereignty over this crucial maritime passage,” Rabie said, during celebrations marking the 69th anniversary of the Suez Canal’s nationalisation.
He noted that, the Suez Canal has experienced unprecedented development since 1956, a level of progress not seen since its inauguration in 1869.
The chairman noted that, the canal’s draft has been expanded from 10 metres to 22 metres. Additionally, he said, the length of dual-lane sections has increased from 27.7 km to 99 km.
In 1956, former Egyptian President, Gamal Abdel Nasser, nationalised the Suez Canal Company, asserting Egypt’s sovereignty over its own resources and strategic infrastructure.
Meanwhile, Rabie said that, the canal typically saw 75 to 80 ships transiting daily, before the targeting of commercial vessels in the Bab al-Mandab Strait and the Red Sea by the Yemeni Houthis.
The number, he added, has now decreased to between 30 and 35 ships per day.
Tensions arose in the Red Sea, after Yemen’s Houthis began attacking Israeli-linked ships in Nov, 2023, to demonstrate solidarity with Gaza during the Hamas-Israel conflict, affecting transit through the man-made waterway.
Egyptian President, Abdel-Fattah al-Sisi said in March that, the Suez Canal was losing approximately 800 million dollars in revenue each month, due to the situation in the region.– NNN-MENA
