Egypt's Ambassador to Palestine Wael Nasr handed Wednesday an official invitation from President Abdel Fattah El Sisi to Palestinian President Mahmoud Abbas to attend the opening of the New Suez Canal Project on August 6.

Abbas welcomed the invitation, wishing prosperous future for Egypt's people and leadership.

Launched in August 2014, the new Suez Canal project aims to add a new 72-kilometer-long shipping lane to the existing canal linking the Red Sea to the Mediterranean Sea and to develop the zone around it into an industrial and commercial hub.

The project will increase the daily average of transiting vessels to 97 ships by the year 2023, up from 49 ships at present. It will also achieve direct unstopped transit for 45 ships in the two directions.

It will increase the Suez Canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023; an increase equal to 259% that shall positively contribute to Egypt’s national income of hard currencies, according to the website of the Suez Canal Authority.

The project goes side by side with the Suez Canal Area Development Project. Both projects will add to the importance of the Suez Canal and will make it the route of choice for ship owners the world over, putting any alternative routes out of competition.