Suez Canal ready for competition
Egypt, Economics, 9/17/2002

Head of the Suez Canal Authority (SCA) Ahmed Fadil explained that the Israeli proposed project of digging a canal linking the Mediterranean Sea and the Red Sea through the Dead Sea is unfeasible.

ÊÊÊ If implemented, this project would not have any negative effect on the Suez Canal since the length of the proposed canal will be 280 km, namely longer than the Suez Canal by some 120 km, that means longer journey time, said Fadil. He added that all SCA bodies are following up related developments with a view to taking appropriate action when necessary.

ÊÊÊ The cost of such a canal would not be less than $50 billion, a fact that makes of this project impractical. If Israel wants to get 15% revenues of this proposed canal, the Suez Canal has many alternatives such as reduction of passage fees. Accordingly, no vessel would go through that canal due to high cost, he added.

ÊÊÊ Fadil noted that there are many world challenges to the Suez Canal such as oil pipelines, Siberia Railway, North Pole route, old Silk Route, ...etc. These challenges and changes made it imperative for the SCA management to stay in high alert for monitoring and following up developments of vessels and fleets in terms of size, number, type and building and scrapping orders, he remarked.

ÊÊÊ These challenges, besides transport economies of new and alternative routes, are being thoroughly studies for drawing up convenient strategy of coping up with world developments, Fadil said. He added that the Suez Canal witnessed numerous improvements including development of navigational passage, equipment and apparatus, services, security and safety, not to mention charges reduction with a view to attracting large vessels.

ÊÊÊ Development of this area would also result in a tourist boom in Al-Aqaba Gulf all along 350-km coast from Al-Tour to Taba as the best place in the world for diving, underwater filming and water sports.

ÊÊÊ Also, the Suez Canal area is considered the world first competitor for world trade and industrial centers in Taiwan and Singapore should it would be managed according to free trade and industrial centers standards.

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