The head of the General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamish announced on Saturday that the SCZone’s budget has earned its highest revenues for the second consecutive year on June 30, 2019.
In a statement, Mamish said that the revenues of SCZone for the fiscal year 2018/2019 amounted to LE3.69 billion with a net profit of LE2.198 billion, an increase of LE568 million over the previous year at roughly 35 percent.
He added that the SCZone’s administration is working to maximize its revenues, as it is the engine for development within the Egyptian economy.
Mamish said that this came as a result of direct follow-up and worker efforts which led to unprecedented results.
He pointed out that the SCzone’s Board of Directors approved a budget of LE10.4 billion for the new fiscal year 2019/2020, as the largest budget for the authority since its inception, depending on the requirements of the investment process and for the implementation and processing of some areas with infrastructure and facilities.
The Suez Canal is the fastest shipping route between Europe and Asia, and serves one of the Egyptian government’s main sources of foreign currency.
Edited translation from Al-Masry Al-Youm