New Suez Canal set to double Egypt’s foreign income

Egypt’s new Suez canal project took a year to complete instead of a three year planned time frame, a vigour that was backed up by hundreds of Egyptians’ investment and a desire by the government to prosper its nation.

Following a colourful launch by the Arabic nation’s President Abdel Fattah El-Sisisin August 2015, the Suez Canal Authority (SCA) announced that the country is looking to find investors to expand the business opportunities presented by the new Suez Canal.

SCA’s chairman, Admiral Mohab Mameesh said that there is need to create logistics and industrial areas and also upgrade ports along the Suez Canal. An opportunity that will be presented during the first of its kind Suez Canal Global Conference schedule to take place in February, which will allow SCA to share future plans and projects of the Suez with stake holders, users among others. Speaking at the Provinces of Suez Canal, the chairman added that he will be travelling to Saudi Arabia and Kuwait this week to market the canal.

The Suez Canal is a major source of foreign income for Egypt.It has received a whooping 21,000 container ships.However, the canal faces competition from the Panama canal, north way and the silk road.

Suez canal dates back to 4000 years back, an ancestoral pride that inspired the addition of the 72 kilometres of the new Suez canal with the hard work of over 50,000 workers. The new investment is expected to increase the Suez canal’s revenues by two fold, from 5.3 billion dollars in 2014 to 13.2 billion dollars by 2023 which is a direct impact of the doubled capacity from 49 to 97 ships per day.

The Suez Canal is set to connect Europe with Asia without navigating around Africa