An exciting new megaproject in Europe is set to make it a major competitor against the Suez Canal, one that will also transform a major city into an island. This canal project is set to make history and usher in a new era of economic opportunities for the continent.
The Istanbul Canal initiative, spearheaded by Turkish 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 – straddling Europe and Asia across the Bosphorus Strait – makes it the perfect place for a new trade route.
It has the Black Sea on one side and the Sea of Marmara – which connects to the Aegean and, therefore, the Mediterranean – on the other.
Istanbul already has one canal, through the Bosphorus Strait, but this is now struggling with heavy traffic. The new project is set to allow the passage of 160 ships or tankers every year, alleviating some of the pressure on the Strait.
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.
It will have the capacity for boats up to an impressive 350 metres in length and 77.5 metres in width.
With a canal framing each side of the city, Istanbul will effectively become an island once this project is completed, meaning those bridges will be vital. Currently there are three major bridges spanning the Bosphorus Strait, connecting the European and Asian sides of the city: the 15 July Martyrs Bridge, the Fatih Sultan Mehmet Bridge and the Yavuz Sultan Selim Bridge.
However, the project has not received full support. Critics raised concerns about its impact on Istanbul’s ecosystem. Nevertheless, the Turkish government pressed forward with its vision for 2023 and 2053, highlighting the economic and commercial benefits the canal would bring the nation.
President Erdogan, referring to the undertaking 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.”
Set for completion in 2027, this strategic location is expected to attract numerous commercial and tourism projects, further enhancing the city’s economic opportunities.
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.