Up to 166.145 million cubic meters of water-saturated sand have been dredged so far as part of the Suez Canal Development Project, said Chairman of the Suez Canal Authority (SCA) Mohab Memish Wednesday.

This represents 65.7 percent of a total 250 million cubic meters that should be dredged as part of the project, Memish said.

He expected work at the project to be over in three months as scheduled.

Thirty-nine dredgers are working in the project, said Wagdi Zaki, the executive director supervising the dredging process.

About 1.564 million cubic meters of water-saturated sands were dredged Tuesday, Zaki said.

The project 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 project was funded through granting investment certificates to Egyptians with 12% returns, and in eight days, more than 60 billion pounds were collected.