As part of Egypt’s $8.4 billion plan to increase the freight capacity of the Suez Canal, the country’s Government and the Suez Canal Authority has awarded over $2 billion worth of contracts to two consortia, to dredge the vital shipping link between Europe and Asia.
A new Suez Canal constructed next to the existing one, measuring 240 metres wide, 24 metres deep, and a third of the length of the current Canal, in addition to dredging parts of the existing Canal.
The Suez Canal provides the fastest shipping route between Europe and Asia.