- Title: EGYPT-SUEZ/PREVIEW Egypt to open Suez Canal expansion to high hopes
- Date: 5th August 2015
- Summary: ISMAILIA, EGYPT (FILE) (REUTERS) SUEZ CANAL / INSCRIPTION READING (English): "WELCOME TO EGYPT" VARIOUS OF TRUCKS AND BULLDOZERS WORKING VARIOUS OF BULLDOZER PUTTING SAND IN TRUCK TRUCK DRIVING WITH SAND CAIRO, EGYPT (FILE) (REUTERS) VARIOUS OF EXTERIOR OF NATIONAL BANK OF EGYPT PEOPLE IN BANK BUYING SUEZ CANAL BONDS VARIOUS OF BANK EMPLOYEE WITH SUEZ CANAL BONDS BANK EMPL
- Embargoed: 20th August 2015 13:00
- Keywords:
- Location: Egypt
- Country: Egypt
- Topics: General
- Reuters ID: LVAET35OT8PP3EBRBM0VW05FCSS0
- Aspect Ratio: 16:9
- Story Text: Egypt is set to open an expansion to the Suez Canal to great fanfare on Thursday (August 6).
The project is President Abdel Fattah al-Sisi's centrepiece of plans to revitalise the country's economy.
The estimated $8.2 billion project includes a 35-km parallel waterway flanking the existing 145-year old waterway, which links Asia and Europe.
It also includes a deepening and widening of 37 km of the existing canal. This will cut transit times for southbound ships by seven hours and allow larger vessels easier passage.
The Suez Canal Authority expects a windfall of additional revenue -- $13.23 billion in annual revenue by 2023 from $5.3 billion in 2014, with the number of daily vessels rising from 49 to 97 over the same period.
To fund the project, the government raised $8.5 billion from Egyptians, who bought investment bonds with quarterly dividends of 12 percent promised to all investors.
The government hopes the new canal will double the country's trade income, as well as contribute towards 1 million new jobs in the entire Suez Canal Zone development.
Chairman of the Suez Canal Authority, Mohab Mameesh, had announced the opening date on Friday (July 29).
"We worked and we sweated and we got tired. We have created history as Egyptians to serve the whole world. We were able to honour the oath to the great Egyptian people," he said.
On the streets of Cairo, colourful flags fluttered from lampposts around Tahrir Square and festive lights draped the city.
Authorities have declared Thursday a national holiday, suspended fees for public transport and have posted a sermon to be delivered in mosques on Friday which declares that "all Egyptians, here and abroad, must support this giant project".
People in Cairo were excited about the new project, with some worried about security.
Abdo Saad said that he hopes the opening will be completed safely.
"We hope that the opening tomorrow will be completed safely. We hope that nothing negative affects it, God willing. Also we hope that all the Egyptian people will be united during the opening ceremony," said Abdo Saad.
For Cairo resident Wafaa Habib, the canal represents new opportunities.
"Personally the canal represents something great for me because tourism was affected greatly during the last period; my husband is a tour guide. I hope this will be a source of investment which will lead to tourism opening up again. I also have two sons who are engineers I hope they will have more opportunities," she said.
The opening will be attended by a number of world leaders including French President Francois Hollande and Yemeni President Abd-Rabbu Mansour Hadi. - Copyright Holder: FILE REUTERS (CAN SELL)
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