(MENAFN- InvestorIdea)
Cairo Egypt - August 11 2015 (Investorideas.com stocks newswire) Investorideas.com (www.investorideas.com) a global news source covering leading sectors including the Middle East reports on attending the recent gathering of world leaders at the opening of the new Suez Canal.
"Egyptians need to have confidence."
That is the message President Abdel Fattah el-Sisi projected to his people world leaders and the press at the New Suez Canal inauguration ceremony on Thursday August 8th.
He promised the New Suez Canal would be completed in one year which had a lot of people expressing scepticism.
Here we are though just one year later witnessing Mr. el-Sisi's "additional artery of prosperity for the world."
This will be his first big imprint on Egypt as president pass or fail and will hopefully jumpstart a slow Egyptian economy.
After dredging the new canal is now 60 feet deep allowing a larger variety of container ships. It has also been expanded or twinned allowing ships to now pass in both directions relieving previous bottle-neck issues. It is predicted to almost double the amount of ships using the canal to a total of 97 and nearly triple the income to $13.2-billion both by 2023. The numbers projected have raised some eyebrows but if the Egyptian people seemed nervous regarding success of the canal they aren't showing it.
Citizens raised the $8.5-billion needed to complete the project in just a few days. The dredging expanding and twinning of the canal took a whopping year instead of the three which was originally projected.
He seemed to abandon his scripted speech on Thursday to talk to Egyptians on a more personal level expressing his pride and appreciation for the hard work Egyptians put into "Egypt's Gift to the World."
"This is the first step of a thousand other steps" said Mr. el-Sisi.
The thousand other steps begin with a 15-year plan to upgrade the area surrounding the New Suez Canal Ismailia in order to provide better service to ships. By continuing the plan thousands of Egyptians will be provided with jobs.
Mr. el-Sisi and the Egyptians have a lot riding on this new canal. The Egyptian tourism market has taken a huge hit. Since the recent increase of terrorist attacks being claimed by the Islamic State and their sympathizers the amount of tourists has declined.
If tourists are not coming in money has to come from somewhere. Mr. el-Sisi believes the New Suez Canal is the answer Egypt and the world has been waiting for.
"The future of the New Suez Canal is secure."
Sunset over the canal as helicopters (presumably with dignitaries and world leaders in them) leave the inauguration site.
"Super-fast Wi-Fi" set up for the press on-site Suez Canal ceremony
Jets displayed the Egyptian colours as the ceremony wrapped up
Sail boats and passenger boats passed each other on the Suez Canal before the sun set
The far side of the Suez Canal was decorated with world flags for the event
Photos and story by Investorideas.com Staff writer Madelyn Forsyth
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