Egypt to Build New Suez Canal

Egypt to Build New Suez Canal

Egypt is looking to build a new Suez Canal parallel to the existing one in a USD 4 billion project aimed at boosting the trade along the Canal, which offers the fastest shipping link connecting Europe and Asia, according to Reuters.

 

“This giant project will be the creation of a new Suez Canal parallel to the current channel of a total length of 72 kilometres (44.74 miles),” Mohab Mamish, chairman of the Suez Canal Authority, told a conference in Ismailia, a port town on the Canal, in a televised broadcast.

He said the total estimated time for finishing the new channel would be five years, although Egypt will try to complete it in three years.

Close to 20 Egyptian companies could be involved in this ambitious project, all under the watchful eye of the Egyptian army.

Egyptian President Adel Fattah al-Sisi, a former army chief, explained that the involvement of the army in this project is for the reasons of security, seeing that the region is in turmoil over Egypt’s internal political issues, as well as the Israel-Gaza dispute.

The 145-year old existing Suez Canal is generating more than USD 5 billion income to Egypt on a yearly basis.

President Abdel Fattah al-Sisi attended the ceremony of launching the Suez Canal Axis Development Project at the Suez Canal Authority (SCA) club, Ismailia governorate.

SCA Chairman Lt. General Mohab Mamesh delivered a speech, recalling that Egyptians have scarified their lives to dig the Suez Canal, which changed the history and became the life line of not only Egypt, but the whole world.

“More than 100,000 Egyptians were martyred during the ten years of digging the Canal, sending a message to the whole world that the Egyptians make glory and history and will make the same in the coming period”, Mamesh added.

World Maritime News Staff; August 5, 2014

 

 

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >