The Suez Canal development project aims at turning the canal into "a global centre for industry and logistics" since 10 percent of the world's merchandise and 20 percent of all ships pass through the canal, said an advisor to President Mohamed Mursi.

The project which is expected to raise the canal's revenues 20 folds will involve three phases, presidential advisor Ahmed Soliman said on Thursday.

The first phase will focus on developing Port Said and Suez ports by 2017 and will establish a system of transshipment to turn those ports into global warehouses, Soliman stated.

This alone will triple the canal's revenues which are currently around $5.25 billion.

The second phase will include establishing a free industrial zone by the end of 2022 that has most of the world's industries. This step is expected bring in $100 billion in revenues.

The final phase will aim at setting up a world service centre in Ismailia. This phase is expected to raise revenues to $200 billion.

Two storage areas for logistic purposes will be established, the Middle East News Agency reported Soliman as saying.

The first will be in east Port Said and will serve giant vessels that wish to decrease the weight of their cargo as they head to Asia, Europe and North America. 

The second will be in Ain Sokhna and will serve ships headed to Asia, Africa and Latin America.

Soliman pointed to the canal's strategic location which makes it the best transshipment location in the world.