World leaders to attend opening of New Suez Canal

Cairo - Egyptian officials, however, hope that the new Suez canal branch will multiply the daily navigation in the canal, thereby increasing annual revenue from $3.5 billion today to $13.2 billion by 2033.

Egypt has made all arrangements for the opening of the New Suez Canal, in a historic ceremony likely to be attended by over 6,000 people, including a number of leaders.

The 72 km-long branch of the man-made canal is designed to increase the navigation along the waterway that links the Red Sea and the Mediterranean by sailing in two ways, and cut the vessels' waiting time from 11 hours to 3 hours.

The new canal will contribute effectively in improving the economic conditions of the country, as it is, by all accounts, regarded as a national project, since Egyptians have purchased 90 per cent of the New Suez Canal investment certificates, which led to the collection of $8.45 billion in just eight working days, more than the targeted amount of $140million.

The waterway project includes dry-onshore digging of 37 km and 35 km of the expansion works and dredging.

It is also a part of the ambitious economic plan to improve the Suez Canal area, making it a logistic, industrial and trade center by building several ports that will provide service to vessels that cross the canal.

Egypt has been suffering from economic crisis and shortage in resources of foreign currencies due to the huge receding of foreign investments and tourism revenues as a result of security and political instability, especially since the January 25 revolution which ousted the former president Hosni Mubarak.

Egyptian officials, however, hope that the new Suez canal branch will multiply the daily navigation in the canal, thereby increasing annual revenue from $3.5 billion today to $13.2 billion by 2033.

The Suez Canal is important conduit for world trade, and some 17,100 vessels had crossed last year, according to the official documents of the Suez Canal Authority.

"WPP won the tender for organizing the opening ceremony in collaboration with the authority," General Mahab Mamish, chairman of the Suez Canal Authority, disclosed, adding the government budget will not bear the costs of the function, and the specifications of the event is 100 per cent Egyptian.

The representative of the WPP said the cost of the opening ceremony is $30 million, and the Egyptian government will not bear any financial burdens.

"The opportunity was opened to the sincere Egyptians and funding will come from Egyptian and foreign companies."

The project, according to General Mehab, will create more than one million job opportunities for the Egyptian youth, and will put Egypt on its natural track in the world and strengthens its economic potentials, hence boost its power in the region and in the world.

Engineer Hafiz Al Saeed, head of the authority for cleaning and beautification of Cairo province, said the province had fully prepared for the event and all beautification and green areas were made on sides of the roads and public squares as well as laying huge balloons and illumination of trees in a number of streets that link Cairo International airport with Egypt- Ismailiyya desert highway.

To commemorate the historic event, Dr. Majid Faraj, the official spokesman of the family of  King Farouk, former King of Egypt, said the Suez Canal Authority had made contacts to invite King Ahmed Fouad II to attend the opening ceremony, who was delighted and felt he was really a part of the Egyptian social fabric, and that it was something he had wished all his life.

According to diplomatic sources the most prominent world leaders who were invited to attend the opening ceremony include Russian President Vladimir Putin, French President Francois Hollande, Chinese President Xi Jinping, Greece Prime Minister Alexis Tsepras; British Prime Minister David Cameron, President of South Sudan Salva Kiir Mayardit, President of Djibouti Ismaïl Omar Guelleh, President of Malawi Peter Mutharika, and Prime Minister of Ethiopia Hailemariam Desalegn.

The Arab kings and leaders who will attend the event are The Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud of Saudi Arabia, Sudanese President Omar Al Bashir, Iraqi President Mohammed Fouad Masoum, Amir of Kuwait, His Higness Shaikh Sabah Al Ahmed Al Sabah; His Majesty King Hamad bin Isa Al Khalifa of Bahrain, King Abdullah II bin Al Hussein of Jordan, President of Yemen Abdu Rabu Mansour Hadi, His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Abdul Malek Salal, Prime minister of Algeria, Tamam Salam, Prime Minister of Lebanon, and Prime Minister of Iraq Haidar Al Abadi.

malzarooni@khaleejtimes.com

• MENA