Suez Canal expansion to promote trade: Al Jaber

Cairo - Minister says the newly expanded channel will promote the Egyptian economy by serving as a vital trade waterway.

The Suez Canal expansion will cement Egypt's status as a key contributor to world trade, said Dr Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State, and chairman of the coordination office of the UAE-funded development projects in Egypt. The newly expanded channel will promote the Egyptian economy by serving as a vital trade waterway, he added.
In an interview published on Sunday in an Abu Dhabi-based Arabic newspaper, Dr 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 have already begun to develop capacity in anticipation of the expected increase in shipping and cargo traffic coming from the 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 said that the alliance - in association with the Egyptian Suez Canal Authority - carried out marine dredging work on the 35-kilometre-long canal over 10 months. "That demonstrates the efficiency of UAE companies and their ability to transfer expertise and accomplish goals in record time."
Vice-Admiral Mohab Mamish, chairman of the Suez Canal Authority, said the new canal, which will officially be launched on Thursday, "is a miracle by every standard," adding that the project is one of the largest dredging operations in history.
Mamish thanked the UAE for supporting Egypt in implementing the project.