New Suez Canal Ready For Operation

New Suez Canal is completed ahead of time and ready to receive its first ships on August 6.

Mohab Mameesh, chairman of the Suez Canal Authority said, “We have finished work on time and even before the specified time… We call on all the international maritime carriers to use the current and the new Suez canal. Your navigation is safe.”

The new canal is connected to the existing canal by four small channels. The canal will reduce navigation times for the vessels from 22 hours to 11 hours, which means that the New Suez Canal will be the fastest waterway in the world.

The existing canal earns Egypt $5 billion a year and the new canal, which will allow for two-way traffic of larger ships, will boost revenue to $15 billion by 2023. If the hub projects are also fully realized then Egypt could earn an extra $100 billion a year.