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

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