Egypt's president attended a ceremony to open an extension of the Suez Canal. The original canal, built in 1869, took 10 years to build. The new canal was built in 12 months. Experts said it would take five years. The canal joins the Mediterranean and Red seas. The president sailed up the canal in his yacht to attend the opening. The same yacht was the first ship to sail through the canal a century-and-a-half ago. The new canal is Egypt's "gift to the world".
Egypt hopes the canal will boost the economy. The head of the Suez Canal Authority said it was important Egypt earned money from its waterways in the future. He said: "If I can't handle this and turn it into revenue for [Egypt], alternative routes will emerge." He hopes revenue will increase to $13.2 billion by 2023. That means shipping traffic must double by 2023. This needs a 9% increase in global trade. Some economists doubt if this will happen.