Reuters reports that Egypt signed contracts with six international firms on October 18 to carry out dredging of the new Suez Canal. The flagship project in President Abdel Fattah al-Sisi's program aims to revive the national economy shattered by years of political turmoil.
Egypt’s authorities hope the new canal will more than double revenues from the waterway by 2023 to $13.5 billion from $5 billion. Besides, the government plans to develop 76,000 sq km (29,000 sq miles) in the area into an international industrial and logistics hub to attract more ships thus generating massive income.
The new canal is to be built alongside the existing 145-year-old waterway which is the fastest shipping route between the Indian Ocean and the Mediterranean Sea.
