Suez Canal's revenue hits $395m

Revenue from Egypt's Suez Canal rose to $395 million (Dh1.45 billion) in May, 15 per cent up from May 2009, Suez Canal Authority Chairman Ahmed Fadel said in a statement yesterday.

"This revenue is the most since November 2009," Fadel said.

The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad. Canal revenues had decreased by 20 percent in 2009 when the global economic slowdown cut traffic on the waterway, a barometer for trade worldwide.