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Egypt: President Sisi officially opens the New Suez Canal01:25

Egypt: President Sisi officially opens the New Suez Canal

Egypt, Ismailia
August 6, 2015 at 21:10 GMT +00:00 · Published

Egyptian President Abdel Fattah al-Sisi announced "the beginning of operations in the New Suez Canal," during the inauguration ceremony of the project in the town of Ismailia, Thursday. World leaders gathered for the ceremony including French President Francois Hollande.

Upon finishing the speech Sisi, along with other world leaders, travelled down the canal on a ceremonial boat. As they travelled down the Suez, they were treated to a military display from SA-342 Gazelle helicopters, Hongdu JL-8 planes, and several war ships to celebrate the opening of the canal.

The estimated $8.2bn (€7.52bn) venture includes 72km (44.7miles) of new channels and bypasses, and is expected to be able to take 97 ships a day by 2023, up from the current 49. The transit time for ships to pass through the canal from north to south will reportedly be reduced from 18 to 11 hours.

As well as Hollande, Greek Prime Minister Alexis Tsipras, and Russian Navy Admiral Viktor Chirkov were among dozens of dignitaries at the ceremony. According to Russian Prime Minister Dmitri Medvedev Moscow would be willing to establish a Russian industrial zone at the new project site in the future.

Egypt: President Sisi officially opens the New Suez Canal01:25
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Egyptian President Abdel Fattah al-Sisi announced "the beginning of operations in the New Suez Canal," during the inauguration ceremony of the project in the town of Ismailia, Thursday. World leaders gathered for the ceremony including French President Francois Hollande.

Upon finishing the speech Sisi, along with other world leaders, travelled down the canal on a ceremonial boat. As they travelled down the Suez, they were treated to a military display from SA-342 Gazelle helicopters, Hongdu JL-8 planes, and several war ships to celebrate the opening of the canal.

The estimated $8.2bn (€7.52bn) venture includes 72km (44.7miles) of new channels and bypasses, and is expected to be able to take 97 ships a day by 2023, up from the current 49. The transit time for ships to pass through the canal from north to south will reportedly be reduced from 18 to 11 hours.

As well as Hollande, Greek Prime Minister Alexis Tsipras, and Russian Navy Admiral Viktor Chirkov were among dozens of dignitaries at the ceremony. According to Russian Prime Minister Dmitri Medvedev Moscow would be willing to establish a Russian industrial zone at the new project site in the future.