Egypt: Suez Canal revenues plummet as Gaza war hurts shipping
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Egypt’s President Abdel Fattah el-Sissi announced on Sunday that revenues from the Suez Canal have decreased by more than 60%, equivalent to a loss exceeding $6 billion in recent months. He attributed the decline to disruptions in Red Sea shipping caused by attacks from Yemen’s Houthi forces.
Speaking at a graduation event at the Police Academy in Cairo, el-Sissi expressed concern over the escalating regional tensions, stating, “The developments are extremely concerning and could expand the conflict, impacting regional stability.”
He further explained that the attacks have forced shipping companies to reroute their vessels away from the Red Sea and the Suez Canal, a vital economic lifeline for Egypt that connects to the Mediterranean. The canal serves as a critical source of foreign currency for the nation.
The Iran-backed Houthis claim their actions are aimed at ships associated with Israel and its allies in support of Hamas. El-Sissi cautioned that continued disruptions could have “serious consequences for our region and potentially on a global scale.
