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   ago      boost      ceremony      economy      experts      figures      future      gift      global      important      inauguration      just      major      officially      original      passageway      present      revenue      routes      traffic  
Egypt's President Abdelfattah el-Sisi attended a yesterday to unveil a extension of the Suez Canal. The canal was completed in 1869 and took 10 years to build. The new, $8.5 billion canal was constructed in under 12 months, beating all predictions by industry that it would take five years. The canal provides a between the Mediterranean and Red Seas. President Sisi sailed up the canal in his presidential yacht, the El Mahrousa, wearing military fatigues to attend the . The El Mahrousa was the first ship to sail through the original canal nearly a century-and-a-half . President Sisi described the new canal as Egypt's " to the world".

Egypt's government hopes the new canal will provide a much-needed for the country's . The head of the Suez Canal Authority, Mohab Mamish, said the new canal was to ensure Egypt earns revenues from its waterways in the . He told reporters: "If I can't handle this and turn it into for the Egyptian treasury, alternative will emerge." He hopes revenues will increase from the current annual $5.3 billion to $13.2 billion by 2023. That means shipping would need to grow from 49 per day at to 97 by 2023. This would entail a nine per cent increase in trade. Some economists have cast doubt on whether these can be met.

 
 

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