Welcome to The Primest and today’s video is about Egypt’s Plans for an $8 Billion 2nd Suez canal
In today’s video, we’re going to introduce Egypt’s Plans for an $8 Billion 2nd Suez canal
The Suez Canal Corridor Area Project is an artificial waterway megaproject in Egypt that was launched by President Abdel Fattah el Sisi on August 5, 2014, and the work on this canal got completed in 2015. The project’s initial goal was to enhance the role of the Suez Canal area in international trade and develop three canal towns that are Suez, Ismailia, and Port Said. The new canal channel and the seven tunnels went under construction instantaneously and work started on other projects like industrial zones, technology valley, and fish farms in February 2015.After its completion, the new canal increased the canal’s capacity by permitting ships to pass in both directions at once on a larger section of the waterway. This decreases transit time from 18 to 11 hours for most ships and this expansion is expected to double the capacity of the Suez Canal from 49 to 97 ships a day. The project turned the canal towns into a major commercial hub on a worldwide scale. New hubs were also built on the Suez Canal for logistical and nautical services.
As this was a project that was meant for not only building a waterway but to develop the whole area around it as well, so it was accompanied by other sub-projects that were or are being completed in parallel. Seven new tunnels were built to connect the Sinai Peninsula to the Egyptian homeland. Three of them were dug in Port Said and four of them were dug in Ismailia. Apart from the tunnels, The Al-Nasr floating bridge was built successfully to enable an easily accessible connection between Port Said and Port Fouad. This 420 meters or 1380 ft long bridge was inaugurated in late 2016.The technology valley, a project that has remained at a halt for a long time is finally going to re continue and it will be the first step in starting Egypt’s electronics industry for manufacturing technological devices. The industrial zone which is a part of the whole development project will cover 910 acres of land northwest of the Gulf of Suez. The first stage of the project covers 132 acres, and it was completed with a cost of 20 million Egyptian pounds. The second stage spans over 132 acres, and it is not yet completed. Currently, 23 factories are operating and 56 still under construction. Upon finishing the project, it will provide 9386 job opportunities, and apart from that Egypt and Russia signed a 50-year agreement to construct an altogether new industrial zone. Perhaps the most significant sub-project is the new Ismailia city which will cover around 16,500 acres of land. This city will not only become a home for more than half a million people but will also serve as a mean of relieving congestion in the major cities of Egypt like Cairo.
Israel is also seeking ways to open a new channel as an alternative to the Suez Canal and Eilat looked like a possible alternative for goods that are being shipped between Asia and Europe. Instead of turning left at the north end of the Red Sea to pass through the canal, oceangoing vessels could veer right up the Gulf of Eilat, unload their cargo to adjacent trains for shipment to Ashdod or Haifa ports, and then reload it onto ships bound for Europe. Shippers by using the Israeli alternative would save Suez Canal fees that can come to be around hundreds of thousands of dollars and Israel would collect a fee for moving goods between its ports. Israel is trying to build a Suez Canal alternative for ending Egypt’s supremacy over the Red Sea – Mediterranean transit and to become a major player in the worldwide economy. Better relationships with countries across the globe and better security are also integral parts of Israel’s agenda but Egypt’s Second Suez Canal apart from being a mere waterway also serves the purpose of euphemizing Israel’s new project as the traffic influx that the original Suez is facing will be helped by this new project.
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