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New Suez Canal income slowly sinking

The new Suez Canal is now two years old and facing public scrutiny, as it is far from achieving what officials pledged.
People are seen near a ship crossing  the Suez Canal near Ismailia port city, 120 km (75 miles) northeast of Cairo, June 13, 2013. A plan by Egypt's Islamist-led government to develop the land along the Suez Canal faces fierce opposition in districts that have been flashpoints for violence before, and may even threaten traffic on the strategic waterway. REUTERS/Stringer  (EGYPT - Tags: POLITICS) - GM1E96E0CMG01

CAIRO — It's been two years since the new Suez Canal opened. At the time, the project was massively promoted as one that would benefit Egyptians of all backgrounds. So far, it has failed to deliver the expected revenue, though business development projects are in the works.

The canal opened Aug. 6, 2015, and the Ministry of Youth and Sports celebrated the anniversary last month. One wonders, however, why the canal hasn't fulfilled the government's promise of profits.

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