Sisi inaugurates New Suez Canal Thursday

Only a few hours left before President Abdel Fattah El Sisi inaugurates the New Suez Canal, giving the go-ahead to a project that would revive both the Egyptian and global economy.

The new project makes its possible for ships to transit the waterway in two opposite directions, which is to happen for the first time ever since the canal went into action in 1869.

The New Suez Canal is also expected to secure thousands of jobs for youth.

Two ships crossing the waterway in two opposite directions is the logo of the New Suez Canal. This logo is seen on all EgyptAir flights and sends a message to the world that south-bound and north-bound ships will cross the canal at the same time and without delay.

The logo also bears the words: "New Suez Canal from the mother of the world to the whole world."

Ships normally cross the Suez Canal in convoys at one speed with almost equal intervals between them.

Three convoys transit the old canal daily, including two heading south.

Convoys are allowed to transit double-way areas that measure 78 kilometers long through the branches of Port Said, Balah, Temsah and Deversoir.

Dug in 1988, the Port Said branch measures 36.5 kilometers long, where as the Balah (dug in 1955), Temsah and Deversoir (dug in 1980) are nine, one and 27.5 kilometers long respectively.

The 72-kilometer New Suez Canal runs parallel to the old waterway. Its width is 400 meters and it is 24 meters deep. The New Suez Canal should contribute to solving an 11-hour-delay problem south-bound ships face in the Bitter Lake area.

Large ships with submersibles measuring 65 feet will be also able to enter the waterway, thus increasing the Suez Canal income by 259 percent.

Transit tolls are collected using a currency-basket system to guarantee stable revenues from the canal just in case of fluctuating exchange rates.

Tolls will be collected either in US dollar (44.9%), euro (37.4%), Japanese yen (9.4%) or pound sterling (11.3%).

Tolls are determined by a panel affiliated with the Suez Canal Authority (SCA) based on market and economic studies.

The type and size of ships, as well as transported cargo, are also taken into consideration while determining the fees.

This should increase the number of potential beneficiaries and add five percent to Egypt's revenues from the waterway.

The SCA was established on July 26, 1956. It is a public and an independent authority of a juristic personality.

The SCA reports directly to the prime minister of Egypt. It has all the authorities needed for running the Canal without being limited by the laws and the systems of the government.

The SCA manages, operates, uses, maintains and improves the Suez Canal. It is the SCA, alone and exclusively, that issues and keeps in force the rules of navigation through the Canal and other rules and regulations that provide for a well and orderly run canal.
Source: MENA