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Local Time: 5/9/2010 8:56:34 PM GMT Time: Sun, 5 Sep 2010 18:56:34

Suez Canal revenues hit 4.5 bn dollars in 2009-2010 FY (7/28/2010)

The Suez Canal revenues hit 4.5 billion dollars in the 2009-2010 fiscal year which ended in June, marking a 4.6 percent rise in comparison with the previous fiscal year, Suez Canal Authority chairman Ahmed Fadel said at a press conference held to mark the 54th anniversary of nationalizing the canal

Fadel said the canal's revenues in the first half of the 2009-2010 FY stood at 2.3 million dollars, at a 12.5 percent rise in comparison with the corresponding period in 2008-2009 FY. The international financial crisis has caused the canal's revenues to plunge in 2009 by 20.3 percent in comparison with 2008, he noted. He added that piracy in the Gulf of Aden and the Red Sea has a limited impact on the Suez Canal and does not pose any threat to the canal's revenues.

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