Suez Canal Extension: Egyptian President Abdel Fattah al-Sisi Inaugurates ‘New

A former army chief, Sisi led the army to oust Mohamed Morsi, Egypt’s first freely elected president, in a 2013 coup following protests against his rule.

Some analysts and economists say, however, that the mega-project may fail to meet the great expectations.

“We, Abdel-Fattah al-Sisi, give the permission for the opening of the new Suez Canal”, he said to the applause of attendees at the ceremony. “Egypt during this year stood against the most unsafe terrorist threat that would burn the world if it could”.

The canal is also a strategic military channel.

Egyptian air force planes parade and Egyptians wear Pharaonic costumes to march in front of a statue representing a man digging during the inauguration ceremony of the new Suez Canal on Thursday.

Two keynote speeches were delivered at the ceremony – one by the chairman of the Suez Canal Authority, Admiral Moham Mameesh, and one by President Sisi.

The expansion of the canal was a one-year venture overseen by the military under orders from President Abdel-Fattah el-Sisi.

The new canal “will not change much overnight”, said Nicholas Sartini, a senior vice president for the French CMA CGM Group, the world’s third-largest shipping group, which sends an average of two vessels per day through the canal. The expansion of the 120-mile canal will allow for two-way traffic and is expected to reduce waiting time for ships by eight hours.

“Our culture can be very sentimental, and this was the first time Egyptians have been so galvanised”, said Adel Beshai, professor of economics at the American University in Cairo.

While global trade volumes rose by an average of 2.9% from 2011-2014, Suez Canal revenue rose by just 2% during the same period, Jackson said.

Militants have killed hundreds of policemen and soldiers, mostly in the Sinai Peninsula that lies between Israel, the Gaza Strip and the Suez Canal.

The government hopes for another historic moment Thursday, when it unveils a US$8.5-billion extension of the waterway funded entirely by Egyptians, without foreign aid. El-Sisi’s critics accuse his government of using excessive brutality to restore stability, while supporters say he spared Egypt the kind of state collapse seen in other parts of the Middle East.

The colossal engineering project was been declared a national accomplishment and Egyptian television broadcast pictures of the new canal accompanied by the theme tune to Game of Thrones.

“The concept to this world behind that is actually triumph is the idea that Egyptians already for their take on the fogy feelings and of course the adamant programs and in fact now they can making to them among the future’s abandon to better career.” ensued Amer.

Chairman of Suez Canal Authority Mohab Mamish assured in media statements that after the inauguration of the New Suez Canal, the profitability is expected to surge to between $18 and $20 billion in the upcoming years.