Egypt’s Suez Canal Revenues Drop

(MENAFN) Egypt has experienced a loss of roughly $10 billion in income generated from the Suez Canal, largely due to assaults on maritime traffic in the Bab al-Mandab Strait linked to the ongoing Gaza conflict, President Abdel Fattah al-Sisi stated on Monday.

While addressing a session in Cairo with Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Sisi explained that the persistent targeting of vessels in the Bab al-Mandab Strait—a vital maritime passage connecting the Red Sea with the Gulf of Aden—has significantly decreased the flow of ships դեպի the Suez Canal, according to an official presidential statement.

The Bab al-Mandab Strait ranks among the globe’s most crucial shipping corridors for transporting energy resources and food commodities, alongside other key routes such as the Suez Canal and the Strait of Hormuz.

The wave of maritime attacks began in November 2023, when Yemen’s Houthi faction initiated drone and missile operations against ships navigating the Red Sea, expressing solidarity with Palestinians amid Israeli military actions in Gaza. Since October 2023, these strikes have resulted in the deaths of over 72,000 individuals.

As a consequence of these developments, there has been a notable reduction in the volume of vessels passing through the canal, which serves as one of Egypt’s primary sources of foreign currency revenue.

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