The New Suez Canal Project and Egypt’s Economic Future
During a televised speech on August 5, 2014, President Abdul-Fattah el-Sisi announced a “surprise” he’d planned for the Egyptian people: the launch of the New Suez Canal mega-project, involving an expansion of the existing canal and the development of its environs into a global trade hub. The project is making waves in Egypt and worldwide, mobilizing equipment, contracts, and finance. But the plan to widen and deepen the existing canal to permit passage to the world’s largest container ships and to dig a parallel waterway to allow for two-way traffic was not new.