Suez Canal II
Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multibillion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.
The new channel, part of a larger project to expand Suez port and shipping facilities, aims to raise Egypt’s international profile and establish it as a major trade hub...
Egypt has planned for years to develop 76,000 square km around the canal to attract more ships and generate more income.Egypt has some history in recent decades of grand projects that don't pan out, and it remains to be seen if this will more closely resemble Nasser's Aswan High Dam or Mubarak's second Nile valley. If you read the full article, however, you'll notice that the military gets to be in charge of it, thus adding to their economic empire.
Mr El Sisi said the new canal was an unannounced part of that project, which Egypt invited 14 consortia to bid for in January.
Reuters reported on Sunday that Egypt had chosen a consortium including global engineering firm Dar Al Handasah, as well as the Egyptian army, to develop the area.
A promotional video played at the launch event suggested the project would cut waiting times for vessels and allow ships to pass each other on the canal.