Suez Canal’s expansion is “very important news for world trade, that will foster growth on a worldwide scale,” said French President François Hollande who attended the inauguration on August 6, 2015 as Egyptian President Abdel Fattah el-Sisi’s guest of honor. The first Suez Canal was built by French diplomat Ferdinand de Lesseps in 1869. It connects the Red Sea to the Mediterranean Sea and facilitates sea freight between the East and the West, according to Maersk, of roughly 7.5% of world sea trade.
Property of the Suez Canal Authority (SCA), the Canal’s expansion built in just a year and for a total cost valued at $8.5 billion has notably opened a new 37-kilometer-long Canal of which the Egyptian government expects it will double the Canal’s revenues up to $13.2 billion by 2023. Celebrated as one of the most significant project to emerge from Egypt – or anywhere else in the Middle East – in recent times, the Egyptian authorities hope economic benefits with a view to boosting Egypt’s ailing economic growth and political benefits by instilling pride and unity among Egyptians.