Egypt announced that it has successfully conducted the trial run of the Suez Canal duplication project, which will increase the duplication area by 10 kilometers, despite the decline in its revenues since the Houthis in Yemen began attacking ships heading to Israel in the Red Sea, according to what they said.
The head of the Suez Canal Authority, Lieutenant General Osama Rabie, announced in a statement yesterday, Saturday, “The successful trial operation of the project to double the Suez Canal in the Lesser Bitter Lakes within the project to develop the southern sector of the canal, with two ships crossing the new navigation channel of the canal.”
Egypt rushed to develop the southern sector of the canal and expand it after closing the waterway for 6 days following the grounding of the Ever Given container ship in 2021.
Declining revenues
But Egypt’s revenues from the canal – the shortest gateway between Europe and Asia – have declined since the Houthis began attacking ships in the Red Sea in November 2023 in what they say is solidarity with the Palestinians in Gaza.
The Suez Canal Authority stated that the new expansion will increase “the area of duplication by 10 kilometers, added to the new Suez Canal, to become 82 kilometers long instead of 72 kilometers, which will contribute to increasing the canal’s capacity by 6 to 8 additional ships per day, as well as increasing the ability to deal with cases.” potential emergency.
Egyptian President Abdel Fattah El-Sisi said last Thursday that Egypt lost about $7 billion in Suez Canal revenues in 2024 due to “regional challenges,” which represents a decline of more than 60% compared to 2023.
