New Suez: 62.9 Pct of Dredging Finalized
- Business & Finance
Up to 157.260 million cubic meters of water-saturated sand have been dredged so far as part of the Suez Canal Development Project, said executive director supervising the dredging process Wagdi Zaki.
This rate represents 62.9 percent of a total 250 million cubic meters that should be dredged as part of the program, he added. At the moment, 37 dredgers are working on this mega-project.
The New Suez Canal 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.
This scheme is part of the Suez Canal Development 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 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.