Egypt In-Focus — Suez Canal sees record monthly revenue; Under-35s are half of fintech founders

Egypt’s Suez Canal recorded its highest monthly revenue to date in April, reaping $629 million in ship transit fees, the authority managing the waterway said on Sunday, as traffic rebounded from the impact of the pandemic.

The monthly revenue in April was 13.6 percent higher than a year ago, canal authority chairman Osama Rabie said in a statement.

The total number of ships that passed through the 193 km (120 miles) waterway that links the Red and the Mediterranean seas increased by 6.3 percent from a year ago to 1,929 vessels.

They carried cargoes weighing in total 114.5 million tons, the highest monthly net cumulative payload to transit the waterway, he said.

The number of oil tankers, liquefied natural gas tankers and container carriers increased respectively by 25.8 percent, 12 percent and 9 percent in April versus a year ago, he added.

In addition to the impact of the pandemic, last year’s flows were disrupted after a container ship ran aground in the canal in late March.

50 percent of Fintech founders in Egypt aged between 25 and 35

Meanwhile, the Egypt FinTech landscape report 2021, recently issued by FinTech Egypt suggests that 50 percent of the fintech founders in the nation are aged between 25 and 35. 

The report also suggested that fintech startups in Egypt aspire to expand globally.

Also, 24 percent of participants surveyed in the report have already expanded regionally and internationally, with a significant presence in the MENA region, GCC region and Europe. 

(With inputs from Reuters)