Suez Canal expansion could hit $15 billion

The cost of expanding the Suez Canal could hit $15bn, according to an Egyptian consultant. The previous figure for the plan was $8.4bn. Yehia Zaki, director of operations at Dar Al-Handasah Consultants, said a comprehensive overview of the project will be announced within two weeks, the Daily News reported. Irrigation water will be supplied to about 3.5m sq m of land, he added.
A total of 76,000 sq km around the canal will be developed into an international industrial and logistics hub. Annual revenues are expected to increase to $13.5bn from $5bn now. The scope of works include the widening and deepening of the waterway over a length of 25km and to a depth of 24 metres.