Suez Canal Authority Chairman Mohab Mamish said that the new Suez canal project ended attempts by other countries to dig other canals that would affect the canal's growth rates.
During an international conference on maritime transportation and logistics held in Alexandria on Sunday, Mamish said Egyptians would be proud of the inauguration of the new canal in August as scheduled, “Especially since Arab integrity will ensure that we complete the project on time.”
The authority, according to Mamish, will be in charge of running the developmental projects in the zone until a presidential decree orders the establishment of a supreme authority to develop the Suez canal.
Growth in revenues from the Suez Canal Authority is expected to reach 259 percent by 2023, he said.
Meanwhile, a speech delivered on behalf of Transportation Minister Hani Dahi said that the general plan of the project was professionally drawn, adding that the political crisis in many Arab countries has affected maritime transportation.
Special legislations on hoisting the Egyptian flag on trade ships are to be updated in order to encourage private sector investments, he added.
In August, Egypt started digging the new canal alongside the existing 145-year-old historic waterway.
Edited translation from Al-Masry Al-Youm
