Feb 23, 2024

The Independent: This is a fact the new Suez Canal

British newspaper The Independent said that the new Suez Canal project doubles the volume of transit traffic in the Suez Canal, but the movement was originally linked to the global and European trade, which have been declining since the size of 2005. Under the title “The new Suez Canal, Egypt gift to the world but is there a real need her?” Wrote Ruth Michaelson newspaper reporter who visited the Egyptian city of Ismailia days before the official opening, it says that the channel is a new navigational course length 35 Kilometer aim is to allow the movement of a double two-way navigation in this region of the basic course of the channel. The paper poses an important question is, what the feasibility of this project, which says that the Egyptian government is marketed as a huge project. يشير التقرير إلى أن الحكومة المصرية قدمت تقديرات شديدة التفاؤل لعائدات المشروع بحيث يزيد من عائدات قناة السويس السنوية أكثر من الضعف بحلول عام 2023 ليرفعها من نحو 3.2 Billion pounds currently to about 8.5 Billion pounds. The report shows that the feasibility of the project may not be of this size, in fact, where traffic in the Suez Canal dependent on oil and liquefied gas container traffic from the Far East and the Middle East towards Europe. The report adds that the project doubles the volume of transit traffic in the Suez Canal, but the movement which originally is not of this size now where the global and European trade volume in particular in decline since 2005. Says Ruth Michaelson said officials in the Egyptian government when asked during a tour of the project they organized last week to some of the economic figures for the source of these estimates of the revenues of the project ran silent and did not provide an answer but the team Mohab Mamish global economists said it was only estimates. The report confirms that Peter Hancklev Secretary General of the International Chamber of Commerce was one of the characters in this round and confirmed that the traffic in the Suez Canal linked to global trade. When asked by the press about revenue and large differences between the global estimates and estimates of the Egyptian government said “We can not generalize and you will see the real revenue”. He added “The Egyptian government has released expected earnings and I will not comment on it”. And the movement of the newspaper for Hossam Abu Gabal, an economic analyst at the Middle East Institute as saying “Any government expects the maximum revenue projections suggest projects but not to world trade growth is hugely to allow the Suez Canal to host the weakness of the ships, which is currently going through the”. He added “Suez Canal traffic which currently do not reach the maximum available where they rely on the European market declining for seven years”. The report adds that there are also concerns currently security of traffic in the Suez Canal, where the organization is active Islamic state in the Sinai Peninsula, also attacked an Egyptian piece freely in the Mediterranean, but Egyptian officials refuse to recognize that regulation is a danger to traffic in the Suez Canal. وتختم الجريدة تقريرها بالقول إن حفل الافتتاح المقرر الخميس سيشهد تواجد الرئيسين الروسي فلاديمير بوتين والفرنسي فرانسوا هولاند لكن بعد نهاية الحفل وبداية العمل رسميا في المشروع يجب أن تبرهن الحكومة المصرية لشعبها أن عائدات المشروع حقيقية.

the source: Agencies

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