On Thursday, 6 August 2015, Egypt held an inauguration ceremony to unveil the $8.6 billion, landmark expansion of the Suez Canal.
Financed entirely by the Egyptian people through investment certificates – and completed two years ahead of schedule – the new Suez Canal will expand Egypt’s domestic economy and bolster Egypt’s role as a major global commerce hub.
The new 45-mile channel will increase shipping capacity, allow two-way maritime traffic for the first time and reduce waiting ship times from 11 to three hours.
The dramatic increase in volume will make the Suez Canal an even more attractive route for global shipping. The inauguration ceremony was attended by Kings, Presidents and distinguished guests from all over the world to mark this historic day.
In a speech marking this historic day President Sisi hailed the achievement of the Egyptian people, “Egypt is a great country and has a civilization of 7,000 years, we, the Egyptians, promised the world to provide the gift, and we have kept our promise and accomplished the project in a record time.”
“The launch of navigation in the new waterway that was accomplished in a record time surpasses the achievement of economic or political goals, as it highlights the goal that Egypt seeks to achieve to attain dignity, justice and stability in a modern and democratic country,” he added. The Egyptian leader underlined that the opening of the new waterway will be followed by many national projects, including a development project in the Suez Canal area.
“The development of the canal region is aimed at establishing a global economic zone which comprises a number of ports, new cities and logistics and trade centers which will help achieve higher rates of trade exchange between Egypt and the whole world,” he said.
Also in attendance where stake holders, investors and shipping magnates who were invited by the Suez Canal Authority to witness this great achievement. The UK chamber of commerce released a statement saying that the new canal will be a “game changer for the future of global trade,” while Maersk, the world’s biggest shipping company, has welcomed the new expansion, its CEO Claus V. Hemmingsen was in attendance of the opening ceremony and claimed that “The extension will enable larger vessels to transit, benefitting not only the shipping companies, but also our partners and world trade as a whole.”
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