On Thursday, August 6 an official ceremony took place in Egypt for the opening of the expanded Suez Canal, the Egyptian $8-billion project, which was completed in just one year instead of three as it was expected.

Egypt staged a show of international support as it inaugurated a major extension of the Strategic Waterway, which according to the Egyptian president Abdel Fattah al-Sisi has opened to its people and the region a new hope and a promising future.

Special guests at the ceremony were leaders and head officials from France, Russia, from Arab and African countries. At the ceremony, the former armed forces chief, who led a military takeover two years ago but ran for president as a civilian last year, said that Egypt would defeat the terrorism that dogged the project.

"Work did not take place in normal circumstances, and these circumstances still exist and we are fighting them and we will defeat them," said Abdel Fattah al-Sisi after signing the permission for ships passing through the New Suez Canal.

While the first vessel, a container ship CMA CGM TITAN was passing through the Canal, blowing its horn, the president said:

"We promised a gift to the world and we accomplished it in record time - an additional artery for prosperity and for connecting civilization to enhance the movement of international trade.”

The completion of the $8 billion project was developed in just one year instead of three on Sisi's orders.

However analysts of the global economy and world shipping industry have questioned the project goal, whether there will be such a sufficient traffic and east-west trade to meet the New Suez Canal ambitious revenue targets.