Egypt prepares for historic opening of self funded Suez Canal project

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The Australian Coptic Movement Association congratulates President Sisi on this ambitious project which is expected to generate $13.5 billion in revenues by by 2023.

Egypt is about to inaugurate its second Suez Canal soon. The projected was completed in less than a year. The new canal will run parallel to the original canal and allow for two way traffic.

Historical Outline

Egypt was the first country to dig a man-made canal across its lands to connect the Mediterranean Sea to the Red Sea via the branches of the River Nile. The first who dug it was Senausert III, Pharaoh of Egypt (1874 B.C.). This canal was abandoned to silting and reopened several times as follows:

– Canal of Sity I 1310 B.C.
– Canal of Nkhaw 610 B.C.
– Canal of Darius I 510 B.C.
– Canal of Ptolemy II 285 B.C.
– Canal of The Romans 117 A.C.
– Canal of Amir El-Moemeneen 640 A.D.

The Suez Canal is actually the first canal that directly links the Mediterranean Sea to the Red Sea.
It was opened for navigation on the 17th of November 1869. Egypt nationalized the canal on the 26th of July 1956.

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The canal was closed to navigation twice in the contemporary period. The first closure was brief, coming after the tripartite British-French-Israeli invasion of Egypt in 1956, an invasion primarily motivated by the nationalization of the waterway. The canal was reopened in 1957. The second closure occurred after the June 1967 War with Israel and lasted until 1975, when Egypt and Israel signed the second disengagement accord. The Canal was then reopened for navigation on the 5th of June 1975.

The New Canal Project

Egypt’s President Sisi announced the new project this time last year and outlined his desire for the project to be completed within a year.

The second canal will allow ships to sail within both directions and half navigation time from 22 hours to 11 hours.

The Egyptian Government issued investment certificates to Egyptian citizens and raised $8.5 Billion via the certificates which offered dividends of 12%.

The General Authority for the Suez Canal Economic Zone has outlined plans for further development along the canal including investment opportunities in many sectors including Ports & Logistics; Maritime Services, Industry, ICT, Renewable Energy and property.

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