: The Suez Canal is a vital source of hard currency for Egypt, particularly since the 2011 uprising that scared off tourists and foreign investment, according to Euro News. The digging and dredging works will conclude on July 15. The army began work 10 months ago on the $8 billion canal, flanking the existing, historic 145-year-old waterway and part of a larger undertaking to expand trade along the fastest shipping route between Europe and Asia. The opening of the New Suez Canal will be on Aug. 6, according to the orders of the Egyptian people and the Egyptian president, Mohab Mameesh, chairman and managing director of the Suez Canal Authority, told a news conference in Ismailia. Mameesh said the new canal would reduce navigation time for ships to 11 hours from about 22 hours, making it the fastest such waterway in the world. Once President al-Sisi orders the start of navigation on Aug. 6, ships will be able to go through the canal.
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