New Suez Canal great step for new Egypt

The Fortune Magazine said Saturday that success of the new canal can’t be measured through ships and revenue alone. The new canal is also meant to inspire confidence in Egypt’s return to democracy.

Egypt’s new leaders hope that Thursday’s grand opening of the New Suez Canal will serve as a tangible symbol of the country’s resurrection from political chaos, read a report by Cyrus Sanati.

"But while the innovative financing and the speedy construction of the new canal were impressive, Egypt still has a great deal of work to do if it wants western investors and tourists to come back."

The writer shed light on the Egyptian people's happiness to mark the day, saying, the sweltering heat didn’t deter Egyptians from hitting the streets in droves on Thursday to celebrate the grand opening of the New Suez Canal.

Also, the report highlighted presence of kings, presidents and senior officials who attended the ceremony.

"US Secretary of State John Kerry was not in attendance, but he was in Cairo earlier in the week, giving what some believe was tacit approval of the project - and of the Egyptian government - by the Obama Administration."

The report added the new canal will definitely cut the time needed for ships to traverse the Canal Zone, questioning is it will be a huge boon for international trade - at least right now?

The magazine expected the number of ships traversing the canal would remain below peak levels that were hit in the years before the 2008 financial crisis.