Revenue from Egypt’s Suez Canal rose 7.3 percent to $436 million in August, the chairman of the Suez Canal Authority said in a statement on Wednesday, Reuters reported. Revenue in July was $406.2 million.
Al-Masry Al-Youm reported Wednesday that a Russian ship explored a new marine route to reach China instead of passing through the Suez Canal. The new route is 5 nautical miles shorter and saves around $1 million in fuel costs, according to Russian experts.
Only Russia and China will benefit from this route, according to an Egyptian official in the Suez Canal Authority, reported the independent daily.
The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
