Economists and shippers, however, have questioned the value of the project, saying the increased traffic and revenues the government is hoping for would require major growth in global trade, which seems unlikely.
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His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s participation in the inauguration of Egypt’s new Suez Canal was embodiment and culmination of the deep and strong bilateral ties, Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah. This time, a 21 mile bypass along the 120 mile canal has been constructed in what has been called “The Great Egyptian Dream”. Numerous container ships sailed through as part of the trial, escorted by helicopters and navy ships. The celebration was attended by a number of German officials and foreign reporters.
Cairo’s streets were adorned with billboards and flags praising el-Sisi and celebrating “Egypt’s gift to the world”.
“But one thing I would say about the Suez Canal is that we can’t really put a price on a change in national sentiment”.
The 72-kilometer route allows two-way navigation of larger ships. Egypt spent US$8 billion on the canal extension, which was completed two years ahead of schedule. The heavy security has its reasons because, according to the Egyptian authorities, the Sinai Peninsula, bordering the canal, is an area of intense activity by Islamic extremist groups.
– To fund the massive project, the government raised $8.5 billion from Egyptians, who bought investment bonds with quarterly dividends of 12 percent promised to all investors.
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The project is being trumpeted as the basis of an economic turnaround for the country. And pro-government media have in contrast el-Sissi to former President Gamal Abdel Nasser, whose nationalization of the canal in 1956 is seen as a defiant break with the nation’s colonial previous.
