Egypt Marks 4th Anniv. of New Suez Canal Inauguration

Egypt will mark on Tuesday the fourth anniversary of the new Suez Canal inauguration.

On this occasion, Chairman of the Suez Canal Authority Mohab Mamish is scheduled to hold a press conference today at noon. The conference will be attended by members of the board of directors of the Suez Canal.

Mamish said that the Suez Canal represents Egypt's engine for development that pushes the Egyptian economy towards more investments and helps the provision of hard currency.

“The Suez Canal has achieved unprecedented records in the traffic in terms of the number and tonnage of transit vessels,” Mamish added.

He confirmed that the new Suez Canal has solved the major problems that hindered navigation in the canal four years ago.

Noteworthy, president Abd El Fattah El Sisi inaugurated the new Canal on August 6، 2015. Egypt received international support as it inaugurated a major extension of the Suez Canal; President Sisi expected it to power an economic turnaround in the Arab world's most populous country.

The inauguration ceremony was attended by leaders and kings of the world and delegations of Arab, European, African and Asian countries, who  were invited by President El Sisi, to see the Egyptian achievement and the ability of Egyptians to achieve the dream of opening the new canal in a record time.

The New 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، completed in just one year instead of three on Sisi's orders، involved extending a waterway parallel to part of the 19th century canal connecting the Mediterranean to the Red Sea، as well as deepening and widening the old channel.