Picture of the Day: Dredgers in Suez Canal
- Business & Finance
The New Suez Canal project is currently under construction, and is scheduled to be completed in August this year.
It will run parallel to the original Canal at a length of 72 km, allowing vessels to travel both ways along its length, cutting transit time from 20 to 11 hours.
This giant scheme includes plans to develop logistics and manufacturing hubs, ranging from high-tech port facilities to car assembly and oil refining.
The opening of the new waterway will almost double the Suez Canal capacity and is expected to increase annual revenues to $13.5 billion by 2023.