Editing Economy of Egypt (section)

=== Suez Canal ===
{{Main|Suez Canal}}
[[File:Capesize bulk carrier at Suez Canal Bridge.JPG|thumb|right|Vessel transiting through the [[Suez Canal]]]]
The [[Suez Canal]], a vital maritime passageway linking the [[Mediterranean Sea]] to the [[Red Sea]], has played a crucial role in global trade since its completion in 1869. Constructed under the direction of [[Ferdinand de Lesseps]], the canal provided a direct shipping route between [[Europe]] and [[Asia]], significantly reducing travel time by bypassing the lengthy voyage around the [[Cape of Good Hope]]. Over the decades, the canal has undergone multiple expansions to accommodate the growing volume of global maritime trade. In 2021, more than 20,600 vessels passed through the canal, with an average of 56 ships per day.<ref>{{cite web|title=Number of ships passing through the Suez Canal from 1976 to 2021|url=https://www.statista.com/statistics/1252568/number-of-transits-in-the-suez-cana-annually/|publisher=Statista|date=31 March 2022}}</ref> To enhance its capacity, the Egyptian government launched an expansion project in 2014, widening key sections of the canal and nearly doubling its capacity from 49 to 97 ships per day.<ref name="SuezExpansion">{{cite news |title=New Suez Canal project proposed by Egypt to boost trade |url=http://www.caironews.net/index.php/sid/224460353 |access-date=7 August 2014 |publisher=Cairo News |archive-date=29 November 2014 |archive-url=https://web.archive.org/web/20141129022814/http://www.caironews.net/index.php/sid/224460353|url-status=live}}</ref>

The [[Suez Canal Area Development Project#New Suez Canal|New Suez Canal]], inaugurated in 2015, introduced a parallel shipping lane and deepened sections of the original canal to accommodate larger vessels. The expansion aimed to reduce transit times from 18 to 11 hours and significantly cut waiting periods for ships. The project, costing about $8 billion,<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2015-08-05/egypt-opens-8-billion-new-suez-canal-boosting-el-sisi | title=Egypt Opens $8 Billion New Suez Canal, Boosting El-Sisi | publisher=Bloomberg | date=5 August 2015 | access-date=28 February 2025 }}</ref> was financed exclusively through domestic investment, with Egyptians contributing via bank certificates of deposit yielding 12%, later raised to 15.5%.<ref>{{cite web|url=https://www.youm7.com/story/2017/5/23/ممثل-هيئة-قناة-السويس-للبرلمان-زيادة-فائدة-شهادات-قناة-السويس/3249990|title=ممثل هيئة قناة السويس للبرلمان: زيادة فائدة شهادات قناة السويس لـ15.5%|date=23 May 2017|website=اليوم السابع|access-date=4 March 2019|archive-date=24 September 2018|archive-url=https://web.archive.org/web/20180924024920/https://www.youm7.com/story/2017/5/23/%D9%85%D9%85%D8%AB%D9%84-%D9%87%D9%8A%D8%A6%D8%A9-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D9%84%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D9%81%D8%A7%D8%A6%D8%AF%D8%A9-%D8%B4%D9%87%D8%A7%D8%AF%D8%A7%D8%AA-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3/3249990|url-status=live}}</ref> The [[Armed Forces Engineering Authority (Egypt)|Armed Forces Engineering Authority]] played a major role in the excavation and construction of the expansion, which was completed in just one year.<ref>{{cite web|url=https://www.youm7.com/story/2015/3/19/القوات-المسلحة-تسابق-الزمن-لإنهاء-مشروع-قناة-السويس-الجديدة-إنجاز/2111209|title=القوات المسلحة تسابق الزمن لإنهاء مشروع قناة السويس الجديدة.. إنجاز 215 مليون متر مكعب من أعمال الحفر بنسبة 93.5% من المستهدف..وتكريك 102 مليون متر|date=19 March 2015|website=اليوم السابع|access-date=4 March 2019|archive-date=24 September 2018|archive-url=https://web.archive.org/web/20180924030320/https://www.youm7.com/story/2015/3/19/%D8%A7%D9%84%D9%82%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D9%84%D8%AD%D8%A9-%D8%AA%D8%B3%D8%A7%D8%A8%D9%82-%D8%A7%D9%84%D8%B2%D9%85%D9%86-%D9%84%D8%A5%D9%86%D9%87%D8%A7%D8%A1-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%A5%D9%86%D8%AC%D8%A7%D8%B2/2111209|url-status=live}}</ref>

Beyond its role as a maritime corridor, the Suez Canal has become an economic hub, with the establishment of the [[Suez Canal#Suez Canal Economic Zone|Suez Canal Economic Zone]] (SCZONE). Encompassing 461 km² across [[Port Said]], [[Ismailia]], and [[Suez]], the SCZONE offers zero customs rates to attract foreign investment. Major infrastructure projects within the zone focus on the development of [[East Port Said Industrial Zone|East Port Said]] and [[Ain Sokhna]], with planned expansions to West Port Said, El-Adabiya, Arish, and El Tor.<ref>{{cite web|title=Suez Canal Economic Zone|url=http://www.gafi.gov.eg/English/MediaCenter/News/Pages/Suez06-1-2016.aspx|website=GAFI|publisher=Ministry of Investment, Egypt|language=en|date=6 January 2016|access-date=10 May 2018|archive-date=27 April 2018|archive-url=https://web.archive.org/web/20180427215447/http://www.gafi.gov.eg/English/MediaCenter/News/Pages/Suez06-1-2016.aspx|url-status=live}}</ref> This initiative is part of a broader effort to transform the canal into a global trade and logistics center, with Egypt aiming to attract $30 billion in investment within five years.<ref>{{cite news|title=Egypt aims to attract $30 bln in investment in Suez Canal Zone within 5 years: Investment minister|url=http://english.ahram.org.eg/NewsContent/3/12/274195/Business/Economy/Egypt-aims-to-attract--bln-in-investment-in-Suez-C.aspx|work=Ahram Online|date=25 July 2017|language=en|access-date=10 May 2018|archive-date=11 May 2018|archive-url=https://web.archive.org/web/20180511145559/http://english.ahram.org.eg/NewsContent/3/12/274195/Business/Economy/Egypt-aims-to-attract--bln-in-investment-in-Suez-C.aspx|url-status=live}}</ref> The canal remains a critical global trade route, setting a record annual revenue of $9.4 billion in the fiscal year ending June 2023.<ref>{{Cite news |date=21 June 2023 |title=Suez Canal annual revenue hits record $9.4 billion, chairman says |language=en |work=Reuters |url=https://www.reuters.com/world/africa/suez-canal-annual-revenue-hits-record-94-bln-chairman-2023-06-21/ |access-date=15 August 2023}}</ref>