The income from Suez Canal “declined by 40-50%” since the start of the year, following rebel attacks Houthis of Yemen announced the president of Egypt Abdel Fattah al-Sisi.
Since November, the Houthis have been saying that target ships associated with Israel or its allies in solidarity with the Palestinians in the relentlessly bombarded Gaza Strip, following Hamas's unprecedented October 7 deadly attack on Israeli soil.
The Houthi attacks have led many shipowners to decide in 2024 to detour their ships around Africa indefinitely and suspend crossings through the Red Sea and the Suez Canal, through which 12-15% usually pass of world traffic, according to the European Union.
“You see what is happening on our borders (…) with Gaza, you see the Suez Canal that brought Egypt almost 10 billion dollars a year, (these revenues) have decreased by 40% to 50% and Egypt must continue to pay businesses and partners”, said Sisi, during a meeting with oil companies, as reported by the APE-MPE.
The massive project, inaugurated in 1869, brought in about $8.6 billion to Egypt in the 2022-2023 fiscal year, a windfall in a country where importers and currency exchangers are struggling to find dollars.
In the country, which is facing the worst economic crisis in its history, revenues from the Canal are watched as closely as income from tourism and remittances from Egyptians working abroad.
Source: News Beast
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