What important role does the Suez Canal play in Egypt's own economic development?

The Suez Canal is of great value to the economic development of Egypt. Every year, about 18000 ships from more than 100 countries and regions in the world pass through the canal. 70% of the oil exported from the Middle East to Western Europe is transported through the Suez Canal, and the goods transported through the Suez Canal account for 14% of world shipping's trade every year. Among the artificial canals suitable for shipping in the world, Suez Canal is one of the best in the world, with many countries, many ships passing by and large freight volume.