Egypt has launched a development battle through the New Suez Canal project, said chairman of the Suez Canal Authority Mohab Mamish.
"The coming battle is not military, but it is a developmental battle," Mamish said during a presentation of the new project before a delegation from the Ministry of Communications and Information Technology, who visit the new canal on Tuesday.
He noted that Egypt is in need of giant projects to support the Egyptian economy.
The revenues of Suez Canal during 2013-2014 reached a new record hitting 5.333 billion dollars (37.21 billion pounds), he said.
The Suez Canal Area Development Project involves building a new city which is the new Ismailia city, an industrial zone, fish farms, completing the technology valley, building seven new tunnels between Sinai and Ismailia and Port Said, improving five existing ports, and digging the new canal parallel to the Suez Canal. The new canal will increase the canal capacity by allowing ships to sail into both directions at the same time.
The project will transfer the canal cities into an important trading center globally. It will also build new centers around the Suez Canal for logistic and ship services.