New Suez Canal Revenues to hit US$20 billion

The expected revenues of New Suez Canal, estimated at US$13 billion, will increase to US$18-20 billion due to the increase in global trade’s growth rate, Chairman of the Suez Canal Authority Mohab Mamesh said Saturday.

Egypt is currently working in the development project in Suez Canal, the Chairman stated in a TV show on Al Arabiya channel

Mamesh asserted that the opening ceremony is totally secured by the Armed Forces and the Egyptian nation with its all categories.

He noted that the Egyptian president Abdel Fattah-al-Sisi expects to finish developing Suez Canal within the upcoming years.

The New Suez Canal is set to be inaugurated on August 6, 2015 in the presence of an invited audience of world leaders..

The New Suez Canal is a new lane created to run alongside part of the existing Suez Canal, one of the world’s most important trade routes.

Egyptian Armed Forces began construction on the new lane less than a year ago. The new route runs part of the way along the existing canal connecting the Red Sea to the Mediterranean.

The new route involved 37 kilometers of dry digging and 35 kilometers of expansion and deepening of the existing canal.

Egyptian President Abdel Fatah al-Sisi launched the project in August 2014 with hopes it would boost Egypt’s ailing economy, which has been suffering of years of political turmoil.

The new expansion is part of an ambitious plan to develop the surrounding area into an industrial and commercial hub that would include the construction of ports and provide shipping services.

The new 72-kilometre branch will facilitate traffic in two directions and can accommodate larger vessels. It also aims to reduce the waiting period for transiting ships.

The project is expected to double the revenues of its strategic canal over the next decade and create more job opportunities.