Dry dredging process in New Suez Canal completed
New Suez Canal Project - YOUM7/Mohamed Awad

CAIRO: The dry dredging process in the New Suez Canal project has been completed, the head of the Engineering Authority of the Armed Forces Kamel al-Waziry announced in a press conference Thursday.

The New Suez Canal, scheduled to operate for August, is a multi-billionaire project aiming to establish a new 72- kilometer canal parallel to the current one to speed up transit time and allow ships to sail into both directions at the same time.

The Suez Canal expansion is expected to boost annual revenue up to $ 13.5 billion by 2023.

The government has taken much pride in the project as an “important challenge” meant to revive the Egyptian economy, after President Abdel Fatah al-Sisi  reduced the time requested to inaugurate the project from three to one year.

On March 4, the Suez Canal revenue, a main source for the Egyptian economy, recorded $3.267 billion during first seven months of the fiscal year 2014/2015.

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