Egyptian President Abdel Fattah al-Sisi has revealed that the Suez Canal suffered a significant revenue loss of approximately $7 billion in 2024 due to regional challenges, primarily attacks by Houthi rebels in Yemen on Red Sea shipping lanes.
The attacks, carried out in solidarity with Palestinians amidst the ongoing conflict in Gaza, have forced vessels to reroute, bypassing the Suez Canal and opting for longer, more costly routes around Africa.
This disruption has significantly impacted global trade, causing delays and driving up shipping costs.
Sisi’s statement underscores the severe impact of regional instability on Egypt’s vital economic interests.
The Suez Canal, a crucial global trade artery, plays a pivotal role in the country’s economy.
The substantial revenue loss highlights the urgent need for a resolution to the conflicts that are threatening regional stability and disrupting global trade flows.