UAE Ambassador here Mohammed bin Nakhira al Dhaheri said the new Suez Canal project will help promote the international trade movement.

In statements Thursday on the occasion of opening the new canal, Dhaheri said the national project was carried out with the help of all Egyptians in a record time.

It will boost international confidence in Egypt and its people, who were successful in achieving the great accomplishment despite major challenges facing the region, the UAE envoy said.

The UAE confidence in Egypt made it support the country at all political and economic levels, he said, noting that a UAE company, the National Marine Dredging Company, had contributed to dredging works at the new canal in addition to other corporations that will partake in the development of the new Suez Canal area and other major projects in the near future.

A UAE delegation led by Vice President, Prime Minister and Emir of Dubai Sheikh Mohammed bin Rashid al Maktoum is attending the project's inauguration ceremony, he added.

Egypt is inaugurating 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.