Egypt plans second Suez Canal

With traffic between Asia and Europe increasing, President Abdel Fattah al-Sisi of Egypt has unveiled an US$8.5bn plan to build the Suez Canal Axis Development Project – a second parallel Suez Canal.

Planned to be built alongside the existing waterway, the new channel would be 72km (45 miles) long to enable ships to pass in both directions, removing the current need for one-way convoys in either direction.  It is estimated that a second channel would reduce  transit waiting times by up to eight hours.

In addition to the new channel, the project also includes plans to construct a free trade zone, an industrial park and a regional logistics hub for the Middle East, North Africa and the Mediterranean.