CAIRO, August 6. /TASS/. Egyptian President Abdel Fattah el-Sisi has opened a new shipping lane for the Suez Canal aboard the Al Mahrousa cruise yacht.
The Egyptian president is heading aboard the yacht to a berth near the tribune for honorable guests in the Ismail Bay.
The Al-Mahrousa, the oldest yacht in Egypt, was the first to sail along the new shipping lane like it did almost 146 years ago passing through the old waterway.
The Al-Mahrousa yacht was followed by the Egypt’s lead frigate Tahya Misr, thus inaugurating the new waterway.
The festive ceremony is being attended by high-placed delegations from more than 90 countries. The Russian delegation is led by Prime Minister Dmitry Medvedev.
Egypt intends to build the third shipping lane of the Suez Canal that links the Mediterranean and Red Seas, Suez Canal Authority Chairman, Admiral Mohab Mamish said in late July.
He said this would be "a separate shipway to extend east of the town of Port Said." The new shipway will be 9.5 km (5.9 miles) long and will allow vessels to sail in both directions simultaneously.
The new shipping lane’s depth near Port Said will allow the passage of vessels with the maximum draft, the admiral said.
The second Suez Canal will double the Canal’s capacity from 49 to 97 vessels a day as ships will be able to pass in both directions simultaneously, using the old and new waterways.
Cairo expects revenues from the operation of the Suez Canal system at least to triple by 2023 to over $15 billion.
The Suez Canal that opened in 1869 keeps the positions of the world’s most important water artery. This is the shortest sea way from Europe to Asia and the cheapest method of cargo transportation.