President of the Suez Canal Administration, Osama Rabi, shared 2022 data on ship traffic at a press conference. Pointing out that the number of ships passing through the Suez Canal increased by 15 percent compared to last year, Rabi said that a total of 23 thousand ships used the canal this year.
Rabi, who stated that there was a 25 percent increase in the revenue from the channel, noted that the gain in 2022 approached 8 billion dollars.
The bill was approved in principle
On December 20, the Egyptian Parliament approved in principle the “controversial bill” allowing the sale and lease of assets of the Suez Canal.
According to the written statement of the Joint Committee in the House of Representatives of Egypt, the draft law aims to create a fund belonging to the Suez Canal Administration and this fund to contribute to the income of the Canal Administration and to ensure sustainable development in its investments.
If the bill becomes law, it is foreseen that the Channel Administration will be allowed to “sell, buy, lease, operate the fixed and movable properties of the institution and benefit from them for the future of the institution”.
The construction of the canal, which was opened on November 17, 1869, took 10 years. More than 1 million Egyptians worked on the canal’s construction. The 193-kilometer-long canal connecting the Mediterranean and the Red Sea has a width of 220 meters and a depth of 24 meters.