New Suez Canal channel will stimulate trade

Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State, and Chairman of the Coordination Office of the UAE-funded Development Projects in Egypt, has stressed the great role the new Suez Canal channel will play in cementing Egypt's status as a key contributor to world trade and economy through serving as a vital trade waterway.

In an interview published yesterday in the Abu Dhabi-based, Arabic-language newspaper, Al Ittihad, Dr. Sultan Al Jaber said, "The new channel will have a positive impact in stimulating international trade and will promote economic growth and stability in Egypt, the region, and the world. In addition, it will also increase the number of ships transiting the canal daily, which will increase the Egyptian treasury's returns while cutting waiting time."

The minister added that major ports around the world already began to develop their capacity in anticipation of the expected increase in shipping and cargo traffic coming from the strategic trade channel. The new canal, Dr. Al Jaber said, will also reduce transit time, and therefore save fuel and reduce carbon dioxide emissions.

He said, "We are proud that the UAE National Marine Dredging Company (NMDC) was heavily involved in this project which is part of a powerful consortium including Dutch companies Van Oord, Boskalis and the Belgian company Jan de Nul."

Al Jaber went on to explain that the alliance - in association with the Egyptian Suez Canal Authority- carried out marine dredging work on the 35 kilometres canal over ten months, before adding, "That demonstrates the efficiency of UAE companies and their ability to transfer expertise and accomplish goals in record time."

Commenting on the project, Vice Admiral Mohab Mamish, Chairman of the Suez Canal Authority, said the new canal, which will officially be launched on August 6th, "is a miracle by every standard," adding that the project is one of the largest dredging operations in history.

The Chairman of the Suez Canal Authority expressed his great thanks to the UAE for standing alongside Egypt in implementing the project, stressing that "Suez Canal is highly secured and there should be no fear of any threats of any kind now or in the future."
Source: WAM