On Thursday, 6 August 2015, Egypt will hold an inauguration ceremony to unveil the $8.6 billion, landmark expansion of the Suez Canal. Financed entirely by the Egyptian people through investment certificates –  and completed two years ahead of schedule – the new Suez Canal will expand our domestic economy and bolster Egypt’s role as a major global commerce hub. The new 45-mile channel will increase shipping capacity, allow two-way maritime traffic for the first time and reduce waiting ship times from 11 to three hours. The dramatic increase in volume will make the Suez Canal an even more attractive route for global shipping.

Peter Hinchliffe, secretary general of the International Chamber of Shipping, said: “The important takeaway is one of wonder at the fact this (has been) completed so quickly…More ships will be able to use the canal and most importantly for us the time that ships are taking to get through the canal is being reduced.”

Alongside the new waterway, a new 76,000 square kilometer industrial development corridor is being established. The Suez Canal Area Development Project (SCZone) is poised to support nearly one million new jobs and two million new residents, creating an integrated commercial center with international reach. The SCZone includes the building or redevelopment of four major ports – East Port Said, Ain Sokhna Port, 10th Ramadan Dry Port and Ismailia Dry Port – all powered through new wind farms, gas turbines and waste-to-energy incineration plants. The result will be a new international logistics and manufacturing powerhouse.

In advance of the canal’s official opening, Egyptian President Abdel Fattah El Sisi met with the Chairman of the Suez Canal Authority Vice Admiral Mohab Mamish on Saturday. The two discussed the plan for the East Port Said area and the overall development approved for the SCZone. Below is the Office of the Presidency’s release on on their discussion.

Please also see “The Suez Canal: A Growing Center for Global Commerce” for a summary of the major benefits of the canal expansion and SCZone to both the Egyptian people and international trade.

Details of the Suez Canal expansion have been reported by World Economic Forum, CNN, The Associated Press, AFP and Reuters.

President El Sisi Meets the Chairman of the Suez Canal Authority

President Abdel Fattah El Sisi met with the Chairman of the Suez Canal Authority Vice Admiral Mohab Mamish on Saturday.

The Chairman of the Suez Canal Authority reported on the successful trial transit run through the New Suez Canal of a number of container ships.

The plan for the East Port Said area was reviewed in detail as part of the overall development approved for the Suez Canal area. The vision was outlined for the expansion of the East Port Said harbor and the development of the industrial and logistical area around it to establish an industrial zone covering 40 million square meters with the aim of generating some 400,000 jobs. The zone will include engineering factories and manufacturing plants for cars and car parts, home and electronic appliances and packaging. In addition, the zone’s infrastructure will be developed and linked to other projects underway in the area, including tunnels that have been dug under the Suez Canal.

The President instructed that the plan be implemented immediately in coordination with the Suez Canal Authority, the Engineering Authority and the project consultants. Work is to begin after the inauguration of the New Suez Canal. The East Port Said Area Project is the first step in the implementation of the Suez Canal Area Development Project. An executive outline for the implementation of the other areas targeted in the overall plan, particularly the areas of Ein El Sokhna, Ismailia and Qantarat, will follow.

They also reviewed all measures pertaining to the inauguration ceremony of the New Suez Canal Project, including security procedures and the event’s program. The President stressed the importance of popular participation, including all segments of the Egyptian people. He also insisted that the transportation of the guests be well organized, that they be made comfortable and that the schedule for the inauguration ceremony follow a strict timetable.