Suez Governor El-Arabi al-Serwi has said the new project for a waterway dug alongside the Suez Canal will be beneficial for the province's residents.
He added that 60 percent of the project will be in the coastal province.
The governor said the province's youth would be given priority when applying for jobs in the project.
President Abdel Fattah El Sisi attended on Tuesday morning the inauguration of a 72 kilometer-long waterway to be dug alongside the Suez Canal.
The new artificial waterway is planned to be finished by 2015 at a cost of USD 4 billion.