The President of Egypt received foreign dignitaries on board a historic yacht with a flypast by fighter jets to declare open, in early August, what may be called the most hyped transport project of West Asia in recent memory&mdasha major expansion of the 146-year-old Suez Canal. The grand display of national pride (preceded by a global billboard blitz) promises a turning point in international maritime navigation, a revival of Egypt&rsquos economic fortunes, and honour to its tattered political fabric. The last two claims have drawn widespread criticism the expansion cost $8.5 billion and trade isn&rsquot growing at the projected figures. Nevertheless, there&rsquos no denying the import of &ldquoEgypt&rsquos gift to the world&rdquo, completed in record time&mdashthe shortest sea link between Asia and Europe has been deepened and another channel, 35 km long, now runs parallel to it, allowing two-way traffic and reducing transit time significantly. Meanwhile, the Panama Canal&rsquos ongoing $5.2 billion expansion will compete for ships plying the Asia- North America route when it debuts next year.
