Egypt: Inauguration of the Newly expanded Suez Canal

Achieving one of his key goals, Egyptian President Abdel Fattah al-Sisi has succeeded in completing a major investment of $6 billion to extend the Suez Canal water way which allows larger amounts of two-way traffic to pass.

 

In an official ceremony that took place in Ismailia on August 6 2015, Al Sisi inaugurated the project that widens the canal for two-way traffic. This time, a 21 mile bypass along the 120 mile canal has been constructed in what has been called “The Great Egyptian Dream.” Nearly 43,000 laborers used oversize dredgers to get the project done on time.

 

Analysts expect that the added waterway will raise revenue from $3.5 billion (USD) to $8.4 billion (USD), and the waiting times for ships looking to traverse the canal will be less by as much as eight hours.

The Suez Canal is the fastest link between Asia and Europe and accounts for nearly 8 percent of global shipping trade.

and restarting exports from the region’s two largest ports Es Sider and Ras Lanuf.

 

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