Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt finishes work on New Suez Canal
Published in Amwal Al Ghad on 30 - 07 - 2015

Egypt has finished building its New Suez Canal, its overseer said on Wednesday, a project President Abdel Fattah al-Sisi sees as a symbol of national pride and a major chance to stimulate an economy suffering double-digit unemployment.
The army led work 11 months ago on the $8-billion canal, flanking the existing, 145-year-old waterway and part of a larger undertaking to expand trade along the fastest shipping route between Europe and Asia.
The Suez Canal is a vital source of hard currency for Egypt, particularly since the 2011 uprising that scared off tourists and foreign investment.
"We have finished work on time and even before the specified time," retired Admiral Mohab Mameesh, chairman of the Suez Canal Authority, said at a news conference.
Sisi had ordered that the canal be completed within a year.
The new waterway will be officially unveiled at a lavish event to be attended by Sisi and foreign dignitaries on Aug. 6. The first cargo ships passed through in a test-run last week.
Mameesh stressed the canal's security, saying recent attacks would not have an effect on it.
Islamic State's Egypt affiliate said earlier this month it had fired a rocket at an Egyptian naval vessel in the Mediterranean Sea.
Egypt is battling an Islamist insurgency in the Sinai that lies between Israel, the Gaza Strip and the Suez Canal.
Mameesh's remarks came after a visit to the canal by a delegation from the International Chamber of Shipping (ICS), the trade association for merchant ship owners and operators.
"The important takeaway is one of wonder at the fact this (has been) completed so quickly," said ICS secretary general Peter Hinchliffe.
"More ships will be able to use the canal and most importantly for us the time that ships are taking to get through the canal is being reduced," he said.
The existing canal earns Egypt around $5 billion per year. The new canal, which will allow two-way traffic of larger ships, is supposed to increase revenues by 2023 to $15 billion. It will reduce navigation time for ships to 11 hours from about 22.
The government also plans to build an international industrial and logistics hub near the Suez Canal that it expects will eventually make up about a third of the Egyptian economy.
Mameesh said work on a new side channel connecting East Port Said to the Mediterranean would begin on Aug. 7.
Source: Reuters


Clic here to read the story from its source.