Increase in Suez Canal Economic Zone Profits by 57%

The Suez Canal Economic Zone achieved revenues of 5.3 billion Egyptian pounds (111.93 million dollars) during the fiscal year 2023-2024 up to February 29. This revenue represents a 54% increase compared to the previous fiscal year up to February 2023, during which total revenues amounted to 3.45 billion Egyptian pounds. Walid Jamal El-Din, the head of the authority, stated during the financial presentation that the zone achieved a net profit of 3.74 billion Egyptian pounds as of February 2024, an increase of 57% compared to the profits announced in February 2023, which were 2.38 billion Egyptian pounds. Egyptian President Abdel Fattah el-Sisi mentioned in February that the revenues of the Suez Canal, a global shipping passage, had declined "by 40 to 50 percent" due to events in the Red Sea.