Egyptian President Abdel Fattah Al Sisi today officially inaugurated the New Suez Canal to an audience of world leaders, dignitaries and all walks of the Egyptian society. The expansion of the existing shipping lane, along with the opening of the new lane, further cements the Suez Canal as one of the most important and valuable canals in the world.
Following 12 months of tireless work from the Egyptian people, the new waterway now allows for simultaneous Northern and Southern vessel transit for the first time in its history. Streams of world leaders and dignitaries from the business community turned out to witness the historic event and acknowledge the relentless efforts of the Egyptian people.
The project, which raised $8.5 billion in six days in its first round of funding, will gather revenues of $12.3 billion annually by 2023, more than doubling the canal’s current revenue intake. President Al Sisi said he hopes the canal will become a symbol of the new Egypt; a gift from the nation to the world, and a demonstration of the determination and commitment of the Egyptian people.
The new canal, built parallel to the existing Suez Canal, will see a near 50 percent increase in vessel traffic by 2023, taking the daily transit volume from 49 to 97. Moreover, transit time for southbound vessels will be reduced by up to eight hours in total.
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