New Suez Canal
The new Suez Canal was created from 60 to 95 km (canal numbering) in addition to expanding and deepening the branches of the Great Lakes and the salt lakes with a total length of 37 km (total length of the project 72 km)
The idea of establishing a new parallel channel and maximizing the utilization of the channel and its current exceptions was to achieve the greatest proportion of duplication of ships running in two directions non-stop in waiting areas within the channel and reduce the time of crossing passing vessels. This idea was also to increase the canal absorptive capacity for the passage of ships in view of the expected growth of the volume of global trade in the future and in connection with the development project in the Suez Canal region. It aims also to increase the degree of confidence in the Canal as the best international shipping navigation canal and reduce the value of thought in alternative competitive channels worldwide and in the region. It also raises the degree of confidence in Egypt's willingness to achieve the success of the development project in the Suez Canal region. All of the above is reflected in the increase of Egypt's national income from hard currency which is poured into the state treasury directly and the creation of the largest number of jobs for Egyptian youth and the creation of new urban communities.
The project aims to increase Egypt's national income from hard currency. Achieving the largest percentage of duplication in the Suez Canal and increasing it to 50% of the length of the shipping stream. In addition, the northern convoy's transit time is reduced to 11 hours instead of 18 hours. As well as reducing the waiting time for ships to 3 hours in the worst conditions instead of (8 to 11 hours) which reflects on reducing the cost of a cruise for ship owners and increases the degree of valuation of the Suez Canal. To contribute to increasing the demand for the channel's use as a major global shipping corridor and to increase its classification. The project is also increasing the Channel's vessel traffic absorptive capacity to meet the projected future growth of global trade volume. It is therefore an important step on the road to the success of the development hub project in the Suez Canal region and to driving the Egyptian national economy to transform Egypt into a global commercial and logistic center.
The return and results of the project are to increase the canal's absorptive capacity to 97 standard vessels in 2023 instead of 49 in 2014. Direct crossings of 45 vessels in both directions are achieved without interruption, with the possibility of permitting the vessels' crossing up to a dive of 66 feet across the canal. In addition, the Suez Canal's yield increased by 259% in 2023 to $13.226 billion compared to the current yield of $5.3 billion, resulting in a direct positive reversal of Egypt's national income from hard currency. It will also increase employment opportunities for the people of the Canal, Sinai, and neighboring governorates while creating new urban communities. In addition to maximizing the channel's competitiveness and its excellence on similar channels will increase the rankings of the Global Navigational Route as a result of increased navigational safety rates during the passage of ships.
The project was implemented over 12 months (one year) and opened in August 2010