Egyptian President Abdel Fattah al-Sisi announced on Thursday that the country has suffered a loss of approximately $7 billion in revenue due to disruptions in shipping through the Red Sea.
The losses, representing a 60% decline in Suez Canal revenue compared to 2023, are attributed to regional challenges, particularly the ongoing attacks by Houthi fighters in Yemen. Since November, the Houthis have carried out nearly 100 attacks on ships in the Red Sea, reportedly in solidarity with Palestinians amid the ongoing conflict in Gaza.
These attacks have caused significant disruptions in global trade, forcing shipping companies to reroute vessels around Africa, bypassing the Suez Canal. This has led to delays in deliveries and higher shipping costs.