50 vessels cross Suez Canal

Fifty ships transited the Suez Canal in both directions on Friday with total cargo of 2.5 million tons, said Head of the Suez Canal Authority Mohab Mamish.

The south-bound convoy included 26 vessels, while the north-bound convoy included 24 ships.

Egypt inaugurated the new Suez Canal on August 6. The New Suez Canal will massively increase the capacity of the existing canal and offer an important opportunity to boost the country’s economy.

The new 72-kilometer waterway, dug in less than a year at a cost of about 60 billion pounds, runs part of the way alongside the existing canal connecting the Red Sea and the Mediterranean.

The legendary project was mostly financed by investment certificates sold to Egyptians.