Egypt’s losses due to the situation in the Red Sea and the resulting decrease in shipping activity in the Suez Canal have amounted to more than $6 billion since the beginning of 2024. Such data was cited by the country’s President Abdel Fattah al-Sisi.

“The revenues of the Suez Canal have decreased by about 50-60% over the past 8 months – thus, the losses we have suffered have exceeded $6 billion,” the Egyptian portal Al Youm as-Sabia quotes al-Sisi as saying, TASS reports.
The Egyptian leader also noted that Cairo is “extremely concerned about the situation in the region, since the current state of affairs could lead to an even greater expansion of the conflict,” but the Egyptian authorities “are trying to pursue a policy that would help maintain stability in the state and in the entire region.” On July 18, the head of the Suez Canal Authority, Osama Rabiea, said that Egypt’s revenue from the operation of the canal for the past financial year 2023-2024 (ended June 30) had fallen by more than 23% and amounted to $7.2 billion. Rabiea then noted that the financial performance of the canal was “most negatively affected by the tense situation in the southern part of the Red Sea” in connection with attacks by units of the rebel Yemeni movement Ansar Allah (Houthis) on ships passing through this area.