Suez Canal's earnings expected to grow 9% in 2015-2016

Minister of Planning and administrative reform Ashraf el Arabi expected Saturday the earnings of the Suez Canal to grow by nine percent in fiscal 2015-2016, compared to the last year.

In a press conference, el Arabi ascribed the expected increase to finalizing the New Suez Canal project along with the axis development mega project, which was considered a main factor in Egypt's development plan until the year 2030 and the medium-term plan till 2018-2019.

These projects were expected to create one million new job opportunities in the coming 15 years, the minister said.

El Arabi said the new Suez Canal region will include establishing economic zones, noting the significance of developing all the canal cities.

Touching on the work on the third and fourth underground Metro lines from Heliopolis to Cairo International Airport and October to Fustate, the minister said it was planned to be finished in five years.

He added that Egypt's strategy for the sustainable development till 2030 will be announced, concurrently with UN conference due to be held in September on sustainable development goals after the year 2015.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

The project, estimated to have cost about $8.5bn, aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become a global hub due to its logistics and industrial services.

The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.
Source: MENA