Cairo: Egypt has inaugurated the major expansion of the Suez Canal. The massive project which included partly widening and deepening of the canal to increase traffic and revenue was able to complete within a time frame of one year with a cost over $8 billion. According to the Suez Canal Authority, the addition of the seventy-two kilometers (45 miles) long new waterways would definitely ease the movement of the ships through the canal. The inaugural ceremony opened by the Egyptian President Abdel Fattah el-Sisi was also attended by numerous heads of state, including French President Francois Hollande. According Egyptian officials the Suez canal expansion was s a gift which could be changed the trade map of the world. During the memorable ceremony which aroused both national pride and a global expectations, there were remarks by President el-Sisi followed by a musical performance, and flight of jets overhead. Even though the project was completed on time, there were certain controversies regarding the renovation of the canal. Some had questioned whether it was the best use of the nation’s resources at a time when there were arguably more pressing needs.
Analysts had also pointed out doubts on its acknowledged economic benefits. They were argued on the government’s projection of more than $13 billion in annual revenues by 2023, which according to them was excessively optimistic. However, the canal has been considered to be a significant income source for the economy of Egypt. There had been a profit over $5 billion last year. The current expansion is part of a larger plan to turn the Suez Canal zone into a global logistics and trade center. Nowadays the Suez canal is one of the most important waterways in the world. It links the Mediterranean with the Red Sea and enables a time saving voyage between Atlantic Ocean and Arabian Sea. Suez canal was opened in 1869 after a decade of construction by tens of thousands of workers. Video on the inauguration of new Suez Canal