Picture of the Day: Expanding the Suez Canal
- Business & Finance
The New Suez Canal is the name of a new waterway project in Egypt, expanding the existing Suez Canal between the Mediterranean Sea and the Red Sea.
This program is part of the Suez Canal mega project, which includes the development of several seaports in the three governorates bordering the canal, Suez, Ismailia and Port Said, in addition to a seaport in the South Sinai city of Nuweiba and the development of Sharm Al-Sheikh airport.
The New Suez Canal dredging scheme, one of the largest in recent history, is estimated to be worth over $2 billion.
The project was launched by the Chairman of the Suez Canal Authority Mohab Mamish in the presence of Egyptian President Abdel Fattah el-Sisi on 5 August 2014.