Egyptian President Abdel Fattah al-Sisi has disclosed that regional challenges and Red Sea events cost Egypt approximately $7 billion in Suez Canal revenues in 2024.
Speaking on Thursday, Sisi revealed that the canal’s earnings declined by over 60% compared to 2023. He, however, refrained from elaborating on the specific incidents behind the losses.
The revenue drop follows nearly 100 attacks by Yemen’s Houthi fighters on ships crossing the Red Sea since November. The attacks, reportedly carried out in solidarity with Palestinians amid Israel’s ongoing conflict in Gaza, have disrupted maritime trade.
As a result, many shipping firms have diverted vessels from the Suez Canal to longer routes around Africa. This diversion has delayed deliveries, increased costs, and impacted global trade.
