New Suez Dredging project: Over $2 Billion Spent

Suez Canal Authority head Mohab Mamish said that the Suez Canal expected revenues for the fiscal year 2014/2015 will exceed 40 billion pounds (about $5.2 billion).

He told reporters after a Cabinet meeting on Wednesday that the revenues were affected recently because of shortage of foreign currencies but the revenues increased in the Egyptian pound.

Mamish added that 16 billion pounds (about $2.1 billion) were spent so far on the dredging operations in the new canal.

The New Suez Canal is the name of a new waterway project in Egypt, expanding the existing Suez Canal between the Mediterranean Sea and the Red Sea.

This program is part of the Suez Canal mega project, which includes the development of several seaports in the three governorates bordering the canal, Suez, Ismailia and Port Said, in addition to a seaport in the South Sinai city of Nuweiba and the development of Sharm Al-Sheikh airport.

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