Picture of the Day: First-Hand View of New Suez
- Business & Finance
Fifty kilometers to the south of Port Said on the Mediterranean Sea, a new waterway is now being excavated parallel to the existing canal.
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.