Arab Today, arab today egypt to inaugurate suez canal expansion in august
Last Updated : GMT 07:02:40
Arab Today, arab today
Arab Today, arab today

Egypt to inaugurate Suez canal expansion in August

Arab Today, arab today

Arab Today, arab today Egypt to inaugurate Suez canal expansion in August

Dredgers are seen at work on the new waterway of the Suez canal
Ismailia - AFP

Egypt will inaugurate a "new Suez canal" shipping route in August aimed at speeding up traffic along the existing waterway and boosting revenues, officials said Saturday.

Dubbed the Suez Canal Axis, the new 72-kilometre (45 mile) project will run part of the way alongside the existing canal that connects the Red Sea to the Mediterranean.

It involves 37 kilometres of dry digging and 35 kilometres of expansion and deepening of the Suez Canal, in a bid to help speed up the movement of vessels.

"The digging and dredging operations will be completed on July 15," Suez Canal Authority chief Mohab Mameesh told reporters in the canal city of Ismailiya.

A ceremony will be held on August 6 to inaugurate the project, he said.

"Once the president inaugurates it, vessels will start moving through the new waterway," Mameesh said. He said 85 percent of the project that is being executed by the army has been completed so far.

President Abdel Fattah al-Sisi launched the project in August and set an ambitious target of digging the new canal in one year.

The project is part of an ambitious plan to develop the zone around the canal into an industrial and commercial hub, that would include the construction of ports and provide shipping services.
"The entire project is Egyptian... the idea, the planning, and the funding" and will "once again put Egypt on the world investment map," said Mameesh.

Authorities raised $9 billion (7.9 billion euros) to build the new canal by selling shares in the project to domestic investors, with private Egyptian companies tasked with its construction.

The new canal is expected to more than double Suez revenues from $5.3 billion expected at the end of 2015 to $13.2 billion in 2023, according to official estimates.

- Halving waiting time -

The new canal is considered a "national project" that aims to kick-start an economy battered by years of political turmoil since the ouster of president Hosni Mubarak in 2011

Officials gave a quick tour of the new canal to journalists.

Several sand excavating machines, cranes and bulldozers were operating on both sides of the new waterway.

Heavy digging machines on board large vessels were operating in the waterway and small boats ferried workers from one side of the canal to the other as army helicopters hovered above.

"Since the work began, people here have not slept... One of the biggest dredging process in history is on here," Mameesh said.
He said of the about 250 million cubic metres (8.8 billion cubic feet) of soil that had to be dredged, 219 million had already been dealt with.

"It's not only about excavation and dredging. What we are doing is building a safe and secure path for global navigation. We will not allow any vessel to pass through the waterway unless it is secure."

He said the main idea behind the expansion was to reduce the waiting period of vessels.

"If a vessel waits, it means it has to pay extra money to its crew, to Suez canal, and takes more time in delivering its goods.

"By building this new canal, we are serving the whole world and international trade... By bringing the waiting hours down to 11 from 22... this makes it one of the fastest waterways in the world."

Built 146 years ago, the existing Suez Canal is one of the world's most heavily used shipping lanes and has been a key source of international trade, earning Egypt billions of dollars in annual revenues.

The canal is a symbol of prestige and national pride for Egypt, apart from being vital for its economic stability.

In 1956, president Gamal Abdel Nasser nationalised the company, which was owned by British and French interests.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt to inaugurate suez canal expansion in august Arab Today, arab today egypt to inaugurate suez canal expansion in august

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday