Egypt’s Sisi launches nationalist New Suez Canal celebration

“It’s not about capacity, it all depends on trade between East and West, growth in the world economy, especially in Europe, and how the (authority) handles its fees”, said Xu Zhibin, managing director for the Egyptian affiliate of China’s state-owned COSCO, one of the world’s top container shippers. The hype is typical of Egypt’s government since El- Sisi, as army chief, led the overthrow of his Islamist predecessor, Mohamed Mursi, in 2013. As Mamish said, it ‘will send a message to the whole world that Egypt is safe, stable and Egyptians are capable of realising achievements despite the challenges facing them.’.

Meanwhile in Cairo, dozens of Egyptians gathered in downtown’s iconic Tahrir Square in celebration, amid heavy security presence.

At the inauguration ceremony in the town of Ismailia, the president appeared in military uniform and sunglasses aboard the El-Mahrousa – the yacht that was the first vessel to pass through the canal when it was built in 1869.

A number of world dignitaries attended, including French President Francois Hollande and leaders from Jordan, Kuwait, the Palestinian territories and Sudan.

However the man-made waterway linking the Purple Sea to the Mediterranean, which was inaugurated in 1869, has lengthy been seen as a logo of Egyptian nationwide satisfaction. It also includes the deepening and widening of 37 km of the existing canal, which will cut transit times and allow larger vessels easier passage. The tall flagpole standing at the square’s centre was also kitted out in a beam of often contrasting lights that shone on it and other statues and buildings across the city.

Officials hope the new waterway will more than double Suez earnings from US$5.3 billion expected at the end of 2015 to US$13.2 billion in 2023.

Egypt’s black, white and red flags now adorn streets across much of the nation, along with banners declaring support for el-Sissi and hailing his latest achievement. The front page of another daily, Al-Maqal, said “Rejoice, it is worth it!”

For a country that has seen two revolutions in the last four years, the canal is a reason to celebrate. Instead of the revolution’s rallying cry of “Ash-shab yurid isqat an-nizam” (people want the fall of the regime) posters all carried the image of a smiling Sisi overlooking the Canal and bore the slogan of the day – “Egypt’s gift to the world”.

Due to broader geo-political reasons, neighbouring Greece and Egypt have yet to define their exclusive economic zones in respect to one another.

Upbeat and clearly relishing the pomp-filled occasion, el-Sissi nevertheless conceded that the $8.5 billion project will not bring a quick economic windfall to a country roiled by violence and unrest since 2011. Next to it is a detailed rendering of a dove flying out of a pair of hands, accompanied by a picture of Egyptian soldiers in battle, surrounded by Egyptian flags as fighter planes fly aloft.

Ahmed Kamaly, an economist with the American University in Cairo, told Reuters the government projections were “wishful thinking”.

Khalil said while the new canal was a major achievement and the state must have meant well when it initiated it, the project could have been postponed until more important problems that require huge funds were solved. History will record that Egypt stood against and fought the most unsafe extremist ideology.

Egypt’s parliament has been shut for three years, leaving El-Sisi to function as a one-man legislature.