29 September 2022 10:27 PM
2nd anniversary

New Suez Canal anniversary

Sunday، 06 August 2017 - 02:45 PM

Egypt marks today August 6, 2017 the second anniversary of the New Suez Canal inauguration. On August 5, 2014, President Abdel Fattah El Sisi launched the beginning of the New Suez Canal project; he was keen on finalizing it in only one year time. Sisi inaugurated the new Canal on August 6, 2015.

Egypt received a show of international support as it inaugurated a major extension of the Suez Canal which President Sisi hoped will power an economic turnaround in the Arab world’s most populous country.

The New Suez Canal is considered a value added to the national economy, represented in the growth of the national income due to the increase of the Suez Canal’s revenues, establishing industrial and economic entities, establishing and developing a number of ports, encouraging all other factors of production.

The project adds a new 35-kilometre-long (22 mi) second shipping lane. The enlarged capacity allows ships to sail in both directions at the same time. Beforehand, much of the canal was only one shipping lane wide, with limited wider basins for passing. This is expected to decrease waiting time from 11 hours to 3 hours for most ships and increase number of crossing ships.

The project will provide Egypt with investment and employment opportunities for years to come.

The New Suez Canal is at the heart of a vision to construct a fully developed industrial zone along the canal known as the Suez Canal Zone. 

The zone will see the creation of a huge industrial area catering to a broad range of sectors including manufacturing, logistics, ship repair, and more. With the Suez Canal positioned as a vital component of world trade, the Suez Canal Zone will provide access to 1.6 billion customers worldwide.

Suez Canal is one of the most important waterways

Speaking on the occasion of the second anniversary of the new Suez Canal inauguration, Head of the Suez Canal Authority Mohab Mamish said the continuous development in the field of maritime transport and the remarkable recovery in the world trade movement over the past few years, especially with the emergence of the latest generation of giant container ships was the motive behind establishing a new canal spanning to 72 kilometers.

The establishment of the new Suez Canal contributed to raising the number of ships to hit 97 ones a day, Mamish confirmed.

Mamish underlined that the waterway’s share of the cargo trade between the East Coast of the United States and Southeast Asia increased to hit 52% in 2016 compared to 25% in 2006.

About 100% of Asian-European cargo ships transit Suez Canal, Mamish asserted.

The canal’s revenues from March to July 2017 reached USD 2.167 billion against USD 2.105 billion in the same period of 2016, with an increase of 3%, he stressed.

Also, the number of ships that crossed the waterway from March to July 2017 stood at 7,294 vessels versus 7,021 ships in the same period of 2016, with an increase of 3.9%, Mamish noted.

This increase in the number of cargo vessels helped the new Suez Canal to maintain its status as one of the most important waterways in light of the world’s economic challenges in 2015 and 2016, including the slowdown in the world trade’s growth rates and the decrease in freight rates, Mamish added.

The new Suez Canal contributed also to shortening the waiting and transit time for the south-bound vessels by 7 hours, Mamish said.

Suez Canal development project

Fish farms zone

The establishment of fish farms zone on an area of 80 million m2 in the east of the port and the west of Baloza area producing 55 thousand tons of fish daily. It contains basins and fish cages applying the latest methods in fish farming, in addition to a factory for packaging, and cooling.

New tunnels serving the port and its projects

Digging a set of strategic tunnels under the Suez Canal at South Port Said at kilo 19. It consists of  two tunnels one for cars 4 km of length, and 11.5 m of  width and a railway tunnel 7 km of length, and 11.5 m. of width

Ahmed Fadel oil services vessel

Ahmed Fadel is the name of the innovative oil service vessel in Egypt. Suez channel modernizes its regional and international maritime navigation service with this ship. The vessel was named after the former chairman of the Suez Canal Authority. Such ship is needed by the Egyptian market, especially in oil extraction and maintenance work of the petroleum drills. The ship is considered one of the most up-to-date ships.

East Port Said Development Project

East Port Said Port is one of the ports affiliate to the General Authority for Port Said Ports, located east to Suez Canal, considered essential as a global trade hub between Europe and east of the Mediterranean.

The East Port Said Port is considered one of the major national projects set up by Egypt and opened in October 2004 to serve the global trade and transit trade that crosses the Suez Canal.

Establishment of a major industrial area

This new industrial area is considered as a major industrial and logistic axis of the port and the city of Port Said, and it is founded on an area of 40 million m2 and aims at providing 400 thousand job opportunities as well as developing infrastructure for the region.

The logistic zone

Establishment of an advanced logistic zone on an area of 30 million m2 including administrative and service facilities necessary stores for both quays and industrial zone. The logistic zone includes internal logistical storage areas, iron and steel industries and complementary industries that serve the port as well as the marine industry.

The new residential zone

Establishment of a new residential zone on an area of 4 million m2 with a total of about 10 thousand housing units as a first phase, to accommodate about 50 thousand citizens.  Completing the second phase, the number of citizens will hit 190 thousand citizens.

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