Egypt loses USD6 billion in Suez Canal revenue amid regional tensions
Date
9/30/2024 9:07:54 AM
(MENAFN) Egypt has experienced a loss of USD6 billion in revenue from the Suez Canal due to rising geopolitical tensions in the region, President Abdel Fattah al-Sisi announced on Sunday.
During a police graduation ceremony, Sisi revealed that the revenue from this crucial waterway has declined by 50 to 60 percent over the past eight months. He emphasized the importance of managing the country's affairs to maintain stability in the region and avoid involvement in events that could jeopardize security.
The Egyptian leader warned that ongoing regional tensions might escalate the conflict further. This situation has been exacerbated by Israel's aggressive military offensive on the Gaza Strip, which has resulted in nearly 41,600 fatalities, predominantly among women and children, following a Hamas attack on October 7, 2023.
The Suez Canal serves as a vital artery for global trade, providing the shortest shipping route between Europe and Asia. It is a key source of foreign currency for Egypt, making the current revenue losses particularly concerning for the nation's economy.
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