The scc project is intended to work through joint public and private partnerships. The first who dug it was senausert iii, pharaoh of egypt 1874 b. In 2015, egypt completed a major expansion of the suez canal that saw the deepening of the parts of the canal and the construction of a second 35kmlong shipping lane along part of the. Egypt was the first country to dig a manmade canal across its lands to connect the mediterranean sea to the red sea via the branches of the river nile. Constructed by the suez canal company between 1859 and 1869, it officially opened on 17 november 1869. Suez canal, sealevel waterway running northsouth across the isthmus of suez in egypt to connect the mediterranean and red seas. A real options approach the importance of the suez canal. The suez canal development project for egypt will assist in financing a canal improvement program.
The suez canal global conference is set for next month in cairo. The project was completed one year after the green light to start working was given. The new suez canal project and egypts economic future. This mega project will provide million job opportunities when the first stages completed, making a real qualitative leap in the national economy. The suez canal is the manmade feature most easily spotted from space.
After deciding that the financing needs of the suez canal development project will. Egypt to build new suez canal world news the guardian. Aug 02, 2015 by abd elkader ramadan, aswat masriya on august 6, egypt will inaugurate a new suez canal, in a celebration which the state has for weeks been publicising. Egypt nationalized the canal on the 26 th of july 1956. Suez canal, arabic qanat alsuways, sealevel waterway running northsouth across the isthmus of suez in egypt to connect the mediterranean and the red seas. Suez canal area regional development strategy euoecd project. The suez canal has no locks because the mediterranean sea and the red seas gulf of suez have approximately the same water level. This project is funded by the european union euoecd project. This week, he is traveling to germany to talk with company officials in four cities about the suez canal economic zone. Overview the suez canal economic zone sczone is a worldclass free zone and trade hub along the banks of the newlyexpanded suez canal. The principle object of this article is to identify and promote various investment opportunities accompanying the beginning of the new suez canal corridor development project. Launched august 2014, sczone creates an industrial development corridor along the canal. Project management management of a dredging project.
It is poised to support nearly one million new jobs and two million new. Suez activities cover the entire water cycle value chain. The project is making waves in egypt and worldwide, mobilizing equipment, contracts, and finance. Since its inception, the canal has been an economically important shortcut between europe and asia. Request pdf the suez canal area development projects investment opportunity. Hence, the new suez canal project is used as a case study as data was readily available to comprehend how the new suez canal project can achieve sustainability. Egypt and the united kingdom signed a sevenyear contract that resulted in the withdrawal of british forces from the canal area and allowed egypt to take control of the former british installations.
It was opened for navigation on the 17 th of november 1869. The projects aim is to increase the role of the suez canal region in international trading and to develop the three canal cities. The two projects will add to the importance of the suez canal, and will make it the route of choice for ship owners the world over, putting any alternative routes out of competition. Supporting the development of the suez canal economic zone partnering to develop a dynamic and sustainable economic zone in egypt on 9 august 2015, a presidential decree by abdel fattah alsissi declared the area adjacent to the suez canal a special economic zone. Provide support to the suez canal area development project, and contribute in boosting the egyptian economy through turning egypt into an international logistics and commercial center minimize the cost for transiting vessels, thus attract a bigger number of ships to use the canal. This project is the main pillar of investment, on which egypt pins hopes to. Construction began, at the northernmost port said end of the canal, in early 1859. Terms of reference support for the development of the suez. The suez canal is one of the most important international waterways in the world.
Suez, a leading and innovative group, has implemented a balanced and profitable growth strategy. Oct 19, 2019 the construction of the suez canal was carried out between 1859 and 1869 by the suez canal company, and the suez canal authority owns and maintains the waterway. In order for the canal to continue being a safe passageway, it must be. The canal separates the african continent from asia, and it provides the shortest maritime route between europe and the lands lying around the indian and western pacific oceans.
Japanese engineering and construction firms, which had no major overseas project experience at the time, won contracts for and delivered projects that involved major technological challenges, such as excavating bedrock that was much harder. The contractors disposed of more than 245 million m3 of sand in just nine months. In celebration of the new suez canals official opening, the government has declared thursday. During a televised speech on august 5, 2014, president abdulfattah elsisi announced a surprise hed planned for the egyptian people. Six global dredging contractors completed the works within one year and several records were broken during the execution of the project. If it manages to overcome some rather formidable obstacles, egypts much touted mega project of the centurythe suez canal corridor project sccphas the potential to transform the country into a worldclass center for trade and industry. Strategically located on the main trade route between europe and asia, more than eight percent of global trade passes through every year. The suez canal corridor scc development project is a comprehensive project to transform the suez corridor into a major economic zone and prospering waterfront region. Nassers action was an act of revenge against the british and the french, who had previously held. With the creation of israel, the egyptian government. The suez canal is a strategic waterway for egypt and it brings the. A real options approach the importance of the suez canal in world trade shows through its strategic role such that. The project will also have quite a positive impact on the egyptian national income as.
The suez canal a vital shortcut for global commerce. The project s aim is to increase the role of the suez canal region in international trading and to develop the three canal cities. The new suez canal project was a titanic effort in logistics. This canal was abandoned to silting and reopened several times as follows. Around africa 11,300 nautical miles 20,900 km 24 days. For more than 100 years suez has been at the forefront of innovation, from the suez canal to addressing water scarcity. It comprises three components designated to reinforce the historical value proposition of the 193 kilometres long suez canal. The united kingdom was given the right to maintain military forces in the suez canal zone and control entry points.
Egypts government relies on the suez canal development project to boost its national economy. Suez canal project gutenberg selfpublishing ebooks. Nov, 2019 when it opened, the suez canal was only 25 feet deep, 72 feet wide at the bottom, and 200 to 300 feet wide at the surface. Studies and master plans, engineering, design and construction of water treatment facilities, drinking water distribution and sewerage services, customer relations. The 1956 suez crisis on july 26, 1956, egyptian president gamal abdel nasser nationalized the suez canal. Egypts suez canal corridor project middle east institute. Egypt suez canal development project english abstract. This mega project will provide million job opportunities when the first stages completed, making a. It takes around 11 to 16 hours to pass through the canal and ships must travel at low speed to prevent erosion of the canal s banks by the ships waves. Suez canal development project english the world bank. Finding solutions to the worlds biggest problems has never been more important than right now. Consequently, fewer than 500 ships navigated it in its first full year of. The excavation work took 10 years, and an estimated 1. A natural stopover on routes to europe, middle east and asia, within a few miles of heavily traffic international shipping lanes in suez canal.
The project goes side by side with the suez canal area development project. This project is funded by the european union euoecd. The suez canal is an important transit route for oil and liquefied natural gas lng shipments traveling northbound from the persian gulf to europe and to north america and for shipments traveling southbound from north africa and from countries along the mediterranean sea to asia. Suez canal is an artificial sealevel waterway running north to s outh across the isthmus o f suez in egypt o connects the mediterranean sea. The project is making waves in egypt and worldwide, mobilizing equipment.
An inscription on a pillar at pithom records that in 270 or 269 bce, it was again reopened, by ptolemy ii philadelphus. The development of the suez canal area as a concept was initiated 3 decades ago, but it only took off in 2014, when the dar al handasah consortium, including cid consulting amongst other partners was awarded a tender to develop the master plan for the suez canal area development project, now known as the sczone. This was followed by steps to dig out a 9 km long branch said from among dozens of projects for the development of the suez canal zone. The ostensible reason for the nationalization was to use the tolls to nance the building of the aswan dam. It is often considered to define the border between africa and asia. It separates the african continent from asia, and it provides the shortest maritime route between europe and the lands lying around the indian and western pacific oceans. The new suez canal opened in 2015 after just one year of construction. The suez canal corridor area project is a megaproject in egypt, launched on 5 august 2014 by president abdel fattah elsisi. They are only increasing capacity in a part of the canal, so the merits of it still have to be.
The project is set to deliver a needs assessment and an action plan for the authority sczone by july 2017, sequencing the progressive implementation of policy recommendations and laying the groundwork for further assistance by the oecd and development partners in support of the suez canal economic zone. Aug 19, 2014 if it manages to overcome some rather formidable obstacles, egypts much touted mega project of the centurythe suez canal corridor project sccphas the potential to transform the country into a worldclass center for trade and industry. By abd elkader ramadan, aswat masriya on august 6, egypt will inaugurate a new suez canal, in a celebration which the state has for weeks been publicising. Egypt suez canal development project the suez canal development project for egypt will assist in financing a canal improvement program.