The New Suez Canal

The New Suez Canal

The Suez Canal Corridor Area Project is a megaproject in Egypt that was
launched on 5 August 2014 by president Abdel Fattah el-Sisi and completed in
2015. The project›s aim was to increase the role of the Suez Canal region in
international trading and to develop the three canal cities: Suez, Ismailia, and
Port Said.
El-Sisi announced that the New Suez Canal project would operate after a year
(instead of three years). The project›s authority said that the revenues of the
canal would increase from 5 billion dollars to 12.5 billion dollars annually. The
new canal channel and the seven tunnels were under construction simultaneously. Construction of the rest of the projects (which include building the city,
industrial zone, technology valley, and fish farms) began in February 2015.