Nearly 96.58 percent of dredging works have been finalized in the New Suez Canal project, said a report issued by its executive authority.

Up to 254.740 million cubic meters of water-saturated sand have been dredged so far as, the report said.

A total 258 million cubic meters should be removed as part of the project, the report added.

Thirty dredgers are currently working in Egypt’s giant project.

The total length of the project is 72 km, according to the website of the Suez Canal Authority.

The project will increase the daily average of transiting vessels to 97 ships by the year 2023, up from 49 ships at present.

It will also achieve direct unstopped transit for 45 ships in the two directions.

The venture will increase the Suez Canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023; an increase equal to 259% that shall positively contribute to Egypt’s national income of hard currencies.