Suez Canal achieves 153.4 bln USD in revenue since 1956 nationalization: chairman

A ship sails on the Suez Canal in Ismailia Governorate, Egypt, on July 31, 2025. Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date. (Xinhua/Ahmed Gomaa)

ISMAILIA, Egypt, July 31 (Xinhua) -- Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date.

"This achievement underscores Egypt's success in maintaining sovereignty over this crucial maritime passage," Rabie told Xinhua during celebrations marking the 69th anniversary of the Suez Canal's nationalization.

He noted that the Suez Canal has experienced unprecedented development since 1956, a level of progress not seen since its inauguration in 1869.

The chairman noted that the canal's draft has been expanded from 10 meters to 22 meters. Additionally, he said, the length of dual-lane sections has increased from 27.7 km to 99 km.

In 1956, former Egyptian President Gamal Abdel Nasser nationalized the Suez Canal Company, asserting Egypt's sovereignty over its own resources and strategic infrastructure.

Meanwhile, Rabie said that the canal typically saw 75 to 80 ships transiting daily before the targeting of commercial vessels in the Bab al-Mandab Strait and the Red Sea by the Yemeni Houthi group.

The number, he added, has now decreased to between 30 and 35 ships per day.

Tensions arose in the Red Sea after Yemen's Houthis group began attacking Israeli-linked ships in November 2023 to demonstrate solidarity with Gaza during the Hamas-Israel conflict, affecting transit through the man-made waterway.

Egyptian President Abdel-Fattah al-Sisi said in March that the Suez Canal was losing approximately 800 million dollars in revenue each month due to the situation in the region.

Chairman of the Suez Canal Authority Osama Rabie speaks during celebrations marking the 69th anniversary of the Suez Canal's nationalization in Ismailia Governorate, Egypt, on July 31, 2025. Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date.(Xinhua/Ahmed Gomaa)

A ship sails on the Suez Canal in Ismailia Governorate, Egypt, on July 31, 2025. Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date. (Xinhua/Ahmed Gomaa)

A ship sails on the Suez Canal in Ismailia Governorate, Egypt, on July 31, 2025. Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date. (Xinhua/Ahmed Gomaa)

Ships sail on the Suez Canal in Ismailia Governorate, Egypt, on July 31, 2025. Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date. (Xinhua/Ahmed Gomaa)

Ships sail on the Suez Canal in Ismailia Governorate, Egypt, on July 31, 2025. Chairman of the Suez Canal Authority Osama Rabie said on Thursday that the Suez Canal has generated 153.4 billion U.S. dollars in revenues and facilitated the transit of approximately 1.1 million ships since the waterway's nationalization in 1956 to date.(Xinhua/Ahmed Gomaa)