Suez Canal’s revenues down 9 bln USD over 2 yrs amid regional tensions: Egyptian president
CAIRO | Xinhua | The revenues of the Suez Canal, a major source of foreign currency for Egypt, have dropped by some 9 billion U.S. dollars over the past two years due to a challenging regional environment, Egyptian President Abdel-Fattah al-Sisi said Friday.
Speaking at the Egyptian Military Academy in the New Administrative Capital, Sisi said the loss could have provided a significant positive impetus to Egypt’s economic progress.
However, Sisi assured that the country is experiencing a steadily improving economic situation despite the heavy financial impact of the canal.
He also called for learning from other countries’ success in navigating difficult circumstances, which he said requires a combination of “willpower, dedicated work, and patience.”
The Suez Canal is an artificial waterway in Egypt extending from Port Said to Suez and connecting the Mediterranean Sea with the Red Sea. In April, the Suez Canal Authority, which runs the waterway, said the canal generated an annual revenue of 4 billion dollars in 2024, down from a historic high of 10.3 billion dollars in 2023.
Since November 2023, the Red Sea, one of the world’s busiest trade routes, has witnessed repeated attacks on commercial shipping, attributed to Yemen’s Houthi group, which says its operations are intended to pressure Israel and its allies in solidarity with Palestinians amid the Gaza conflict.
The attacks have raised concerns over shipping security and forced some companies to divert vessels around Africa. ■
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