Egypt 1095 highlights Suez Canal revenues on its second anniversary



Mon, 07 Aug 2017 - 11:05 GMT


Mon, 07 Aug 2017 - 11:05 GMT

Egypt 1095 via official Facebook page

Egypt 1095 via official Facebook page

CAIRO – August 2017: Egypt celebrated Sunday the second anniversary of the inauguration of the new extension of Suez Canal, highlighting the waterway’s revenues since 2014.

The Facebook page titled “Egypt 1095” published info graphic saying that the revenues hit $5.465 billion in 2014, $5.175 billion in 2015 and $5.005 in 2017.

Egypt 1095, a page referring to the accomplishments of President Abdel-Fatah al-Sisi during 1095 days since he assumed office on June 30, 2014, commented on the infographic saying: “The Suez Canal is a dream come true by Egyptian hands, and a symbol of will, challenge and success”.

The page cited the comparative revenues of the new extension which registered L.E 52.5 billion ($2.938 billion) during the period from January to July 2017 in spite of the reduction of the world trade movement.

Why did we dig the new extension of the Suez Canal?

There was a pressing need for raising the capacity of the Suez Canal’s marine discharge and maintain its importance as a vital navigation watercourse for the world trade movement.

There was a dire need to establish a new extension to the Canalto be on the top of the world’s ranking of navigation canals.

Had it not been for the new extension, the canal would have been in the lowest rank globally and the world trade need for the old Suez Canal would have diminished.
The extension enlarged the Canal’s capacity allowing ships to sail in both directions at the same time along the waterway's length. This has attracted many container ships to pass through the new canal and has achieved an increase in the canal’s revenue which is one of Egypt’s most important national income sources.

Geostrategic dimension: The new Suez Canal made Egypt maintain its regional role by controlling the passing of vessels and large container ships of cargo through it, which affirms Egypt’s regional sovereignty.

Egypt achieved a miracle by all means, as the new Suez Canal was dug in less than a year in spite of experts’ views that the extension could not be implemented perfectly in less than three years.



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