In an interview with “Sky News Arabia”, Rabie said that the channel’s management adopted pricing policies in 2021 that take into account the economic conditions in the world after the outbreak of the Corona virus, which included providing discounts of up to 17 percent, which was reflected in revenues.
The annual revenue of the Suez Canal amounted to $6.3 billion in 2021, which represents the highest revenue achieved by the canal in its history.
Rabie explained that “the flexible marketing policy of the Suez Canal Authority has added one billion and 100 million dollars in revenues,” noting that “global trade responded positively to the reductions approved by the canal.”
And whether the Canal Authority will continue to provide more incentives in 2022, Rabie said: “We will apply an increase to the cuts from next February by 6 percent, that is, to the 17 percent reduction, and therefore the reduction will be in general 11 percent this year.”
“The incentives will be reduced slightly due to the growth recorded in global trade, the rise in shipping costs and the increase in container prices,” Rabie added.
Regarding the environmentally friendly initiatives that the Canal Authority will launch this year, Rabie pointed out that there are incentives for ships that use natural energy sources such as liquefied gas.
The head of the Suez Canal Authority indicated that 3 ships have been received from France to combat pollution, and alternative energy sources such as wind and solar panels will be adopted in the operational work in order to reduce gas emissions.
Rabie touched on the project to expand the southern entrance to the canal, explaining: “It is expected that the project will be completed in 2023, as we have so far completed 12 percent of its work.”
About 10 percent of world trade, including 7 percent of global oil trade, flows through the Suez Canal, which links the Mediterranean and the Red Sea.
The canal, which was opened for the first time in 1869, is a major source of foreign currency for Egypt.
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