Egypt's Suez Canal development project will allow "most types of ships" to pass through, Suez Canal Authority Chairman Mohab Mamish said on Saturday.
The project will both see the construction of a parallel canal to Egypt's Suez Canal and the expansion of the existing canal, a vital waterway which brings billions of dollars in revenue annually.
During a speech at Egypt's Economic Development Conference, Mamish said when the project is complete, revenues from the Suez canal will multiply.
The project will include developing the canal area, building infrastructure and building a "comprehensive commercial city," Mamish said.
This will allow for the creation of more than 1 million jobs, he added.
The project, launched by Egypt's president Abdel Fattah al-Sisi in August, 2014, will increase the Canal's capacity for the passage of ships, cancelling stoppage time and reducing cost of travel.
Yehia Zaki, the chairman of Dar al-Handasah, the consultancy firm that won the bid to plan the mega project, said the master plan of the project is ready, adding that the purpose of this project is to turn the canal area into a global trade hub.
The whole project encompasses three governorates and will involve six ports, he said.
Sisi and Saudi Crown Prince Muqrin bin Abdulaziz both attended the speeches.
Egypt has intended to complete the master plan of this project before the major economic conference, which is running for three days.
