Egyptian President Abdel Fattah el-Sissi announced on Sunday that the country’s revenues from the Suez Canal have plummeted by 60%, equivalent to over $6 billion, in recent months due to attacks on Red Sea shipping by Yemen’s Houthi rebels.
Speaking at a graduation ceremony at the Police Academy in Cairo, President el-Sissi expressed deep concern about the regional instability.
“The developments taking place are extremely serious and could lead to an expansion of the conflict in the region, affecting stability,” he stated.
“We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion,” the president added.
The Suez Canal, a vital source of foreign currency for Egypt, has seen a significant drop in traffic as shipping companies reroute vessels away from the Red Sea to avoid attacks. These attacks, carried out by Iran-backed Houthi forces, have targeted ships associated with Israel and its allies as a gesture of support for Hamas in Gaza.
President el-Sissi warned of “serious consequences in our region and possibly around the world” if the situation continues unchecked, underlining the broader impact of the ongoing disruptions on global trade and stability.
(AP)
