21997
First Ships Cross New Suez Canal in Test-Run
World Economy

First Ships Cross New Suez Canal in Test-Run

The first cargo ships passed through Egypt’s New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal.
The new waterway, which President Abdel Fattah al-Sisi hopes will help expand trade along the fastest shipping route between Europe and Asia, will be formally inaugurated on Aug. 6, Reuters reported.
Sisi wants the canal to become a symbol of national pride and to help combat Egypt’s double-digit unemployment. The old Suez Canal is already a vital source of hard currency for Egypt, which has seen tourism and foreign investment drain away in the years of turmoil since a 2011 uprising.
Three container ships crossed the new waterway, state news agency MENA reported. One was an American ship heading to Egypt’s Port Saeed from Saudi Arabia, another was a Danish ship sailing to the United States from Singapore and a Bahraini ship going to Italy from Saudi Arabia.

 World’s  Fastest Waterway
Mohab Mameesh, chairman of the Suez Canal Authority overseer of the project, told state television that this test-run had been a success and that more would follow.
At a later news conference, Mameesh said construction of another canal near the East Port Saeed on the Mediterranean Sea would begin as soon as the New Suez Canal had been inaugurated.
A senior Suez Canal Authority source told Reuters that the canal is expected to cost around $60 million and will be 9.5 kilometers (6 miles) long, 18.5 meters deep, and 250 meters wide. It will take around seven months to build, the source said, speaking on condition of anonymity.
The existing canal earns Egypt around $5 billion per year. The New Suez Canal, which will allow two-way traffic of larger ships, is supposed to increase revenues by 2023 to $15 billion.
It should also reduce navigation time for ships to 11 hours from about 22 hours, Mameesh said last month, making it the fastest such waterway in the world.
The government also plans to build an international industrial and logistics hub nearby that it hopes will eventually make up about a third of the Egyptian economy.

Short URL : http://goo.gl/SQNDBY

You can also read ...

The lira has lost around 45% of its value against the US currency this year, largely over worries about Erdogan’s influence over the economy
Turkey’s central bank on Monday announced it was ready to take...
According to the new regulations, Cubans will be able to hold only one business license.
The Cuban government has said it wants more foreign investment...
Trump’s No-Win Trade War
President Donald Trump’s trade war may be fated to fail, for...
World Stocks, Currencies Plummet
World markets shuddered on Monday, as Turkey’s worsening...
Amado Boudou (R) attends his trial on corruption charges  in Buenos Aires on August 7.
Records kept in notebooks of the kinds used by schoolchildren...
(P)GCC Banks  Face Business Risks
A number of (Persian) Gulf Cooperation Council banks that have...
Singapore Warns Trade Tensions May Lower H2 Growth
Singapore authorities warned of slower economic growth in the...
China Printing Foreign Money
China is printing more foreign money as it seeks to expand its...

Trending

Googleplus