Tag Archives: canal de suez

Egypt’s President Sisi inaugurates the New Suez Canal as a way to defeat terrorists says

Egyptian President Abdel Fattah al-Sisi said on Thursday Egypt would defeat terrorism, as he inaugurated the New Suez Canal project and the first ship passed through the waterway.

“Egypt during this year stood against the most dangerous terrorist ideology, that would burn the world if it could,” he said at a lavish ceremony attended by world leaders. “We are fighting them and will defeat them.”

new suez canal
Source: New Suez Canal Project official website

Egypt received a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world’s most populous country.

The inauguration ceremony was also intended to bolster his international standing in the presence of French President Francois Hollande, Russian Prime Minister Dimitry Medvedev, King Abdullah of Jordan, the emir of Kuwait and the king of Bahrain.

The project

The $8 billion project was completed in just one year instead of three on Sisi’s orders, but economists and shipping analysts question whether there is sufficient traffic and east-west trade to meet its ambitious revenue targets.

The project involved extending a waterway parallel to part of the 19th century canal connecting the Mediterranean to the Red Sea, as well as deepening and widening the old channel – the shortest shipping route between Europe and Asia.

In economic terms, however, the expansion of the Suez Canal is a questionable endeavour at a time when the government is struggling to provide adequate services to its citizens. True, the channel is a significant source of revenue. Last year it pumped $5.5 billion into an economy weakened by years of turmoil. But both this sum and the number of ships transiting the canal have been flat since 2008.

Before its expansion the Suez Canal was operating below its capacity of 78 vessels a day. It could already handle all ships except the very biggest oil tankers. By the estimate of one Egyptian economist, the maximum growth of revenue that the new dredging now allows from the passage of slightly bigger oil tankers amounts to just $200m a year. Boosters say more ships will flock to the canal because new bypasses permit faster two-way traffic. Economists counter that for ships that already save as much as ten days at sea by using Suez instead of sailing around Africa, a few hours less transit time through the canal will make little difference.

Current situation in Egypt

The canal expansion is the centerpiece of a grand agenda by Sisi to cement his tenure as the man who brought stability and prosperity to Egypt after he ousted elected Muslim Brotherhood President Mohamed Mursi in 2013 following mass protests.

Egypt’s allies are keen to burnish its image in a region beset by turmoil. Cairo too faces an increasingly brazen two-year-old insurgency based across the Suez Canal in the Sinai peninsula that has killed hundreds of police and soldiers.

In an ominous turn, Islamic State’s Egyptian affiliate released a video on Wednesday threatening to kill a Croatian hostage within 48 hours if Muslim women prisoners were not freed. Last month, the group managed to fire a rocket at an Egyptian navy vessel in the Mediterranean, near the coast of Israel and the Gaza Strip.

Sources: Reuters, The Economist, New York Times,

Related information:

Official site of Suez Canal Authority

Egypt: New Suez Canal To Increase Revenues To $15 Billion By 2023 And Reduce Navigation Time From 22 to 11 Hours

The New Suez Canal project is more than 80% complete with more than 210m tons of sand excavated, so our attention is now turning to the celebration of this achievement with the Egyptian people, as well as sharing news of Egypt’s ‘gift to the world’ far and wide,said Admiral Mohab Mameesh, SCA’s Chairman and Managing Director.

  • Français:

L’Autorité du canal de Suez (ACS) a annoncé, en date du 15/06/2015, le lancement des célébrations du nouveau canal de Suez, qui culmineront avec son inauguration le 6 août 2015 par le président égyptien Abdel Fattah El-Sisi.

Les célébrations et la campagne mondiale de communication seront supervisées par l’ACS et appliquées par un consortium comprenant WPP, une des plus grandes compagnies de communication marketing, ainsi qu’un nombre d’entreprises égyptiennes. Team WPP est dirigé par Memac Ogilvy & Mather, avec le soutien de Memac Ogilvy Public Relations, Media Waves, Emeco Travel, JWT, Richard Attias et Mindshare.

« Le nouveau canal de Suez est bien plus qu’une nouvelle voie de navigation et un joyau d’ingénierie. C’est un catalyseur pour le peuple égyptien, une nouvelle source de fierté et la promesse d’un avenir plus prospère », a expliqué l’amiral Mohab Mameesh, président et directeur général de l’ACS.

Il a ajouté : « Le projet est à plus de 80% achevé, et ce pourcentage augmente toujours, avec plus de 210 millions de tonnes de sable creusés. C’est pourquoi notre attention se tourne actuellement à la célébration de ces réalisations avec le peuple égyptien en partageant en même temps en long et en large les nouvelles de ce cadeau de l’Egypte au monde ».

EMerging Equity

Egypt’s New Suez Canal will open later this year on August 6. President Abdel Fattah al-Sisi sees the project as a symbol of national pride and a chance to stimulate an economy, Reuters reports. 

Suez Canal Map

The Egyptian army “began work 10 months ago on the $8 billion canal, flanking the existing, historic 145-year-old waterway and part of a larger undertaking to expand trade along the fastest shipping route between Europe and Asia,” according to the news agency.

The digging and dredging works will conclude on July 15. The opening of the New Suez Canal will be on Aug. 6, according to the orders of the Egyptian people and the Egyptian president,” Mohab Mameesh, chairman and managing director of the Suez Canal Authority said.

He also added that “once President al-Sisi orders the start of navigation on Aug. 6, ships will be able to go through the…

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