UAE company proud to take part in New Suez Canal project

Chief Executive Officer of the UAE-based National Marine Dredging Company Yasser Zaghloul said his company was proud to work in carrying out the New Suez Canal project.

"We broke records in carrying out dredging works of the project," he told CBC channel.

"We were working around the clock for 267 days to implement the project on time as scheduled," he said.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

The project, estimated to have cost about $8.5bn, aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become a global hub due to its logistics and industrial services.

The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.