The Suez Canal is an artificial waterway located in Egypt that connects the Red Sea and the Mediterranean Sea, shortening the distance between the European and Asian continents. In the coming months, this shipping route will debut a new expansion.
The new Suez Canal runs parallel to the existing one and will be 72 kilometers, 35 of which involve dry excavation, and the remaining 37 involve widening and deepening. In addition, an area of approximately 76,000 square kilometers adjacent to the canal will be made available to attract more ships.
Thanks to the expansion, maritime traffic in the area will be able to double, and ships will also be able to travel in both directions. Other advantages of the expansion include opening the area to traffic from larger ships, and shorter wait times for ships. This new route also helps reduce fuel consumption and, consequently, shipping costs.
The canal has been one of the cornerstones of Egypt’s economy, and the country is confident that the construction of the new Suez Canal will represent a major step forward for economic development by reinforcing the country’s image as a hub for trade and logistics both nationally and internationally. In addition, it will help create new jobs in addition to the 4,800 created during its construction.
The military is in charge of carrying out this project, and construction on the new Suez Canal is scheduled to be completed on July 15, with the official opening set for August 6. The most surprising thing about this new project is that It was built in just one year, even though studies had estimated that it would take up to five years.
The cost of renovating the Suez Canal will amount to an investment of approximately $8.2 billion, of which approximately half has been spent on the excavation of the new canal, with the remaining budget allocated to the construction of other infrastructure projects.
