Egypt inaugurates new Suez Canal
Egyptian President Abdel-Fattah el-Sissi has officially inaugurated the New Suez Canal, a highly-publicized project meant for boosting his nationalist image and shoring up the country’s battered economy.
Sisi opened the waterway Thursday onboard a historic yacht which arrived in the venue of the event in the port city of Ismailiya.
High-profile figures present in the ceremony were French President Francois Hollande, King Abdullah of Jordan, Bahrain's King Hamad bin Isa Al Khalifa, Palestinian President Mahmoud Abbas, Kuwait's Emir Sheik Sabah Al Ahmed Al Sabah and Greek Prime Minister Alexis Tsipras.
Banks and many businesses were closed as government had declared Thursday a national holiday. However, the inauguration was held amid tightened security across Egypt for fear of terrorist attacks.
Egypt has witnessed large-scale turmoil since Sisi, a former army chief, ousted the Arab country’s first democratically elected president Mohammad Morsi in July 2013.
The country has also suffered militant attacks, mostly in the restive Sinai region in north, with an affiliate of the ISIL Takfiri group warning recently that it will kill a Croat hostage unless Cairo frees a jailed woman working for the group.
The $8.5 billion extension to the Suez Canal came amid criticism that the hastily-built project was mainly aimed at reinforcing Sisi’s image. Experts say the project is likely to miss targets set by Cairo for doubling earnings from the waterway.
Egypt says the new canal, which will cut the waiting period for vessels sailing between the Red Sea and the Mediterranean, could increase revenues from $5.3 billion expected at the end of 2015 to $13.2 billion in 2023.
“The first priority for shipowners and traders is to cut costs, not speed. The trend in recent years has been for ships to travel at lower-than-normal speeds just to... save on their fuel bills," said Ralph Leszczynski, research head at Italian shipbrokers Banchero Costa.
According to government reports, the project involved digging and dredging along 72 kilometers (45 miles) of the 193-kilometer canal, effectively adding a second lane and facilitating the two-way traffic for the ships. Cairo says it has been entirely funded by Egyptian investors.
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