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Tuesday, 6 September 2016

Cabinet Decision Support Center report on Suez Canal revenues contradict those presented by Mamish

Did the Cabinet Information and Decision Support Center cast doubt on Mamish’s Suez Canal revenue figures? The Suez Canal’s USD-denominated revenues fell 1.9% year-on-year to USD 2.9 bn in the period from January to July, according to Al Mal, citing data from IDSC. The results come on the back of a 2.5% decline in traffic across the canal as a result of shrinking global trade. The figures contradict those presented by Mohab Mamish, head of the Suez Canal Authority, who announced last month that USD-denominated revenues from the Suez Canal grew 4% in the same seven month period to USD 3.2 bn. While Mamish had said that his data was verified by the CBE, the Suez Canal Authority had not presented its monthly accounts on revenues since March and had refrained from providing USD-denominated revenues from February onwards.

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