Egypt invests Suez Canal revenues in three yacht ports
President Abdel Fattah al-Sisi announced that three yacht ports will be established from the revenues of the Suez Canal, in a bid to stimulate tourism to support the national economy.
Egyptian President Abdel Fattah al-Sisi recently announced that three yacht ports will be established from the revenues of the Suez Canal to support the national economy.
According to the Suez Canal Authority (SCA), the strategic waterway achieved its highest monthly revenue in its history in August, a staggering $745 million. Annual revenue for the 2021/2022 fiscal year was $7 billion.
Sisi’s announcement came during the opening on Sept. 8 of the SCA’s Olympic Village in Ismailia and the inauguration of new maritime units of the SCA.
The president said at the time that the three yacht ports along the canal will be financed solely by the SCA’s income, without affecting the state budget allocations. He argued that the project is not a luxury, but rather a necessity in light of the yacht traffic crossing the canal throughout the year.
