The incredible £20bn project to give Europe a new Suez Canal

Europe is about to get its own Suez Canal as an ambitious project in Turkey makes headway. 

The Istanbul Canal initiative, spearheaded by President Recep Tayyip Erdogan in 2021, aims to transform the major city of Istanbul into a global trade hub, with an estimated cost of £20 billion. 

Istanbul’s strategic position—it straddles Europe and Asia across the Bosphorus Strait—makes it perfect for this role. 

Istanbul already has one canal – through the Bosphorus Strait – but it has become increasingly busy. The new project will accommodate the passage of 160 ships or tankers annually, alleviating some of the pressure on the Strait.

The project faced initial resistance due to concerns about its impact on Istanbul’s ecosystem.

However, the Turkish government pressed forward with its vision for 2023 and 2053, highlighting the economic and commercial benefits the canal would bring the nation.

The Istanbul Canal is strategically positioned in the western part of Istanbul, connecting the Sea of Marmara and the Black Sea. 

The canal will be 28 miles long, 400 to 1000 metres wide, and up to 25 metres deep. It will feature six bridges connecting it to the European side of Istanbul.

President Erdogan, referring to the project as his “crazy project,” emphasised its significance in 2021.

“Today, we are opening a new page in the history of Turkey’s development,” he said. We see Canal Istanbul as a project to save the future of Istanbul … to ensure the safety of life and property of Istanbul’s Bosphorus and the citizens around it.”

It will have the capacity for boats up to an impressive 350 metres in length and 77.5 metres in width. 

A canal linking the Black Sea with the Sea of Marmara has been proposed at least seven times in history. The first was made by the Ottoman sultan Suleiman the Magnificent, who reigned from 1520 to 1566. Before this project, the last proposal was announced by the leader of the Democratic Left Party, Bülent Ecevit, shortly before the local elections in 1994. 

Set for completion in 2027, this strategic location is expected to attract numerous commercial and tourism projects, further enhancing the city’s economic prospects.

The value of the Istanbul Canal project is estimated at £20 billion, comprising £8 billion for building areas on both sides of the canal and £12 billion for the canal’s construction. This significant investment reflects Turkey’s commitment to creating a modern infrastructure that fosters economic growth and enhances its global standing.

As the canal project progresses, it promises to reshape Istanbul’s landscape and solidify Turkey’s position as a key player in international trade and commerce.