Palestinian Businessmen Association Chairman Ali al Hayek has congratulated the Egyptians on the inauguration of the New Suez Canal which will mark a new stage of economic progress.

In statements to MENA, Hayek said:"The project completed in a record time under tough conditions Egypt went through shows the importance of the Egyptian will that can face the challenges and scores many achievements for its people to meet their aspirations."

Egypt will remain the "safety valve" of the Arab Nation and its economic prosperity, he concluded.

Egypt inaugurates today the New Suez Canal, which will massively increase the capacity of the existing canal and offer an important opportunity to boost the country’s struggling economy.

The new 72-kilometer waterway, built in less than a year at a cost of 60 billion EGP, 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.