Suez Canal reports record revenues
Afp, Ismailiya, Egypt
Egypt's Suez Canal posted record revenues in the 2006-2007 fiscal year of more than four billion dollars, an annual increase of 17 percent, the authorities announced on Thursday. Ahmed Ali Fadel, chairman of the Suez Canal Authority (SCA), told journalists on the 51st anniversary of the canal's nationalisation that it earned 4.168 billion dollars in the fiscal year ending in July. The Suez Canal, which opened in 1869, is Egypt's third largest source of revenue, after tourism and remittances from expatriate workers. Fadel attributed the rise to growing global trade, largely driven by China, as well as the SCA's "flexible policies."
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