New Suez Canal
A $8.2 billion expansion doubling the capacity of one of the world's most critical waterways.
The New Suez Canal project involved the construction of a 35 km new parallel channel alongside the existing Suez Canal and the widening and deepening of another 37 km of the existing waterway. Completed in just one year at a cost of $8.2 billion, entirely funded by Egyptian investment certificates, the project was inaugurated in August 2015. It enables two-way traffic through much of the canal, reducing transit waiting times from an average of 18 hours to 11 hours and increasing the canal's daily ship capacity from 49 to 97 vessels.
- 01Enable two-way traffic through the Suez Canal to reduce transit times
- 02Increase daily vessel capacity from 49 to 97 ships
- 03Reduce average waiting time for ships from 18 hours to 11 hours
- 04Increase canal revenue by accommodating more and larger vessels
- 05Stimulate economic development in the Suez Canal Economic Zone
- 06Reinforce Egypt's strategic role in global maritime trade
2014-08 · completed
Project Announced
President Abdel Fattah el-Sisi announced the New Suez Canal project, with a target completion of one year.
2014-09 · completed
Investment Certificates Sold
Egypt raised $8.2 billion in just 8 days by selling investment certificates to Egyptian citizens.
2015-01 · completed
Dredging Complete
Major dredging and excavation works on the 35 km new channel were substantially completed.
2015-08 · completed
Grand Inauguration
The New Suez Canal was inaugurated on 6 August 2015 in a major ceremony with international leaders in attendance.
2023 · completed
Revenue Records
The Suez Canal Authority reported record annual revenue of $9.4 billion for the fiscal year 2022-2023.
2024 · completed
Red Sea Disruption Impact
Houthi attacks in the Red Sea caused significant drops in canal traffic, highlighting the waterway's global importance.
Owner/Operator
Suez Canal Authority (SCA)
The Egyptian state authority that owns, operates, and maintains the entire Suez Canal waterway.
Construction Lead
Egyptian Armed Forces Engineering Corps
The military's engineering corps played a central role in managing and executing the excavation and construction.
Financing
National Investment Certificates
The project was entirely funded by Egyptian investment certificates sold to citizens, avoiding foreign debt.
Dredging Contractors
International Dredging Consortium
A consortium including Boskalis, Van Oord, Jan De Nul, and DEME handled the marine dredging operations.
- Large-scale dredging with cutter suction dredgers
- Dry excavation of desert terrain for the parallel channel
- Deep-water channel engineering (24 m depth)
- Advanced vessel traffic management systems
- Real-time canal monitoring and navigation aids
- Environmental impact mitigation for the Bitter Lakes ecosystem
What it means for the community
The expanded canal handles approximately 12-15% of global trade by volume. Annual revenue reached a record $9.4 billion in 2022-2023 before Red Sea disruptions. The project created an estimated 1 million direct and indirect jobs during construction and has been a catalyst for the Suez Canal Economic Zone, attracting billions in industrial investment. The canal remains Egypt's most important source of hard currency.
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- Suez Canal Authority (Government of Egypt)
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