President Abdelfattah El-Sisi has recently announced the start of the Suez Canal project, known as The Suez Canal Corridor (SCC). If you haven’t heard of this construction plan yet, here is a quick overview of the project, its history, and its future prospects.
Back in the late 70s, Former Minister of Housing, Hassaballah Al Kafrawi, proposed this very project to former President Mohammed Anwar Al Sadat, hoping it would turn the whole area from Port Said to Suez into a huge port (not only for ships, but for goods too – like current day Port Said). The project also included a plan for huge urban cities, which would open a gateway for new investments, jobs, and consequently: money. Unfortunately, the project never saw the light of day during Sadat’s presidency, or Mubarak’s.
The aim of this project, in a nutshell, is to make the Suez waterway a two-way canal instead of one. According to Vice Admiral Mohab Mamish, the chairman of the Suez Canal Authority, this can lead to saving lots of waiting time for passing ships (which can reach up to a day), yielding over double the money (259%), and generating 2 million job vacancies. It should be achieved through digging a total of 72 kilometers – 35 km of which will be dug from scratch while the remaining and preexisting 37 km will be expanded and broadened. The following video provides a detailed explanation of the project:
There have been a lot of fluctuating numbers in varying currencies floating around lately concerning the funds. The most reliable estimate seems to be Asharf El Araby’s recent report to Al Masry Al Youm, which specified the capital needed for the project as 60 Billion EGP. The project will be financed solely by the Egyptian people through contributions and sold shares, reportedly needing only a year of construction. The construction company put in charge of the project is yet to be announced.
This project will undoubtedly prove to be a challenge, but the possible outcomes far outweigh the obstacles.