Suez Canal

The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea and the Red Sea. Opened in November 1869 after 10 years of construction, it allows ships to travel between Europe and South Asia without navigating around Africa thereby reducing the sea voyage distance between Europe and India by about 7,000 kilo metres (4,300 mi). The northern terminus is Port Said; the southern terminus is Port Tewfik at the city of Suez. Ismailia is on its west bank, 3 km (1.9 mi) from the half-way point.[1] In 2012, 17,225 vessels traversed the canal (47 per day).

New Suez Canal Project :

In August 2014, construction was launched to construct a second canal for half of the route of the canal, costing $8.4 billion, to increase the canal's capacity. Funding was arranged by issuing interest-bearing investment certificates exclusively to Egyptian entities and individuals and the target amount was collected over only six working days.

Project Objectives :

Boosting the hard currency earnings for the Egyptian national income

Increasing the doubled parts of the Suez Canal to 50%

Shortening the transit time from 18 hours to 11 hours for the southbound convoy

Minimize the waiting time for vessels to become three hours at most instead of 8-11 hours, the matter that will cut down on trip cost and make the Suez Canal more attractive for ship owners Attract more ships to use the Suez Canal, and add to the Canal classification as an important international maritime route

Increase the number of ships that the Canal can handle on a daily basis in order to cope with the expected growth of world trade

Support the Suez Canal Area Development Project and enhance the Egyptian national economy and turn Egypt into an international logistics center

Project Returns and Outcome :

Increase the daily average of transiting vessels to 97 ships by the year 2023, up from 49 ships at present

Achieve direct unstopped transit for 45 ships in the two directions, and stepping up the permissible draft to 66ft all through the Suez Canal

Increase the Suez Canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023; an increase equal to 259% that shall positively contribute to Egypts national income of hard currencies;

Create job opportunities for young people living at the Canal Zone, Sinai, and neighboring governorates;

Maximize competitiveness of the Suez Canal, excel its ranking among other alternative canals, and world classification societies due to the high rate of safety accomplished during transits

Duration of the project:

The project is due to be completed in 12 months (one year).

Dry Excavation works:

Volume of dry excavation works amounts to 258 million cubic meters, at an estimate cost of EGP 4billion.