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FINANCIAL NEWS
Suez Canal profits grow up 4pct to USD3.18bn
07 Aug 2016
(MENAFN) Revenue from Egypt’s Suez Canal stood at USD3.18bn in the Jan- August period this year, an increase by 4 percent from USD3.05bn in the same period 2015.
However, the country has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors.
In addition, reserves fell down to USD17.546bn in June from almost USD36bn before the uprising.
On the other hand, Egypt’s president installed an USD8bn expansion of the Canal in August, which aimed to double daily traffic and boost annual to USD13bn by 2023.
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