New Suez Canal has doubled revenues, says lieutenant general Osama Rabie

CAIRO – 6 August 2026: Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority (SCA), affirmed that the New Suez Canal project was not merely a national initiative, but a pressing necessity to safeguard global trade routes and maintain Egypt's maritime standing. He pointed out that the expanded canal has driven an unprecedented economic and technical leap while doubling revenues for the Egyptian state.

During a phone interview on AlHayah TV marking the 11th anniversary of the project's groundbreaking, Rabie highlighted the vast contrast between the canal's condition before 2014 and its current capabilities.

He explained that conditions prior to digging the parallel waterway were concerning. Egypt operated a single channel with limited navigational safety features, meaning any maritime emergency threatened to paralyze global shipping traffic. Additionally, depth limitations—which had dropped to 16 meters—prevented the canal from accommodating modern mega-ships, forcing them to take the longer route around the Cape of Good Hope. With transit times reaching 22 hours, the canal's global standing was declining as shippers explored alternative routes.

Regarding technical feasibility, the SCA head noted that President Abdel Fattah El-Sisi's vision to construct a parallel canal doubled the waterway's capacity. Daily transit capacity rose from 42 ships to 85, with the canal even handling a record 107 ships in a single day following the resolution of the Ever Given crisis. Furthermore, transit times were slashed in half to just 11 hours, cementing the canal's status as the world's shortest, most cost-effective, and safest maritime route.

On the financial front, Rabie revealed that annual revenues surged from $4.8 billion prior to the project to a record $10.2 billion.

Addressing claims regarding alternative land routes and railways, Rabie noted that a single vessel transiting the canal today can carry up to 240,000 tons and 24,000 containers. Describing these vessels as "floating cities" with a draft equivalent to a six-story building, he emphasized that land-based transport cannot match such capacity.

Rabie also discussed ongoing expansion efforts, highlighting developments in the canal's southern sector and the 10-kilometer extension of the Small Bitter Lakes double-channel. This expansion has increased the total length of the two-way canal to 82 kilometers, further boosting vessel capacity and reducing wait times.

Concluding his remarks, Rabie shared directives from President El-Sisi to press forward with development projects despite ongoing Red Sea tensions, which have temporarily reduced ship traffic by 50%. He emphasized that the political leadership has instructed the authority to maintain full operational readiness and high-level service even for single transits, ensuring the canal is fully prepared when global maritime traffic normalizes.