OREANDA-NEWS. August 07, 2015. Dmitry Medvedev attends the New Suez Canal waterway opening gala.

The project to upgrade the Suez Canal, known as the New Suez Canal, was launched on 5 August 2014. It envisioned the reconstruction of the 72 kilometre water route. A parallel canal has been dug along a 35 kilometre stretch, while the remaining 37 kilometres have been widened and deepened. Six motorway and railway tunnels will be built to improve the land route linking the Sinai Peninsula with continental Egypt. The work involves a 76,000 sq km area.

The upgraded canal will make the region one of the world’s foremost commercial and logistic centres as the permissible draft will grow from 14 to 20 metres while the average waiting time will decrease from 11 to 3 hours. Daily canal throughput will grow from 49 to 97 vessels by 2023, according to expert forecasts.

Foreign companies will invest in the construction of freight terminals, shipyards, automotive factories, light industry and high-tech businesses in the canal zone.