Egypt’s Sisi says regional challenges slash Suez Canal revenues by $7b in 2024

Egypt's President Abdel Fattah al-Sisi announced Thursday that regional challenges, including nearly 100 attacks by Houthi fighters on ships in the Red Sea since last November, have resulted in a significant loss of revenue from the Suez Canal. According to Sisi, Egypt witnessed a 60% decrease in canal revenues in 2024 compared to the previous year, amounting to approximately $7 billion. The attacks, which were in solidarity with Palestinians, have disrupted global trade, forcing shipping firms to reroute vessels around Africa, leading to delays and increased costs.