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Economy
Egyptian President Abdel Fattah el-Sisi announced that his country lost about $10 billion in Suez Canal revenues due to attacks on ships in the Bab el-Mandeb Strait because of the war on Gaza.
Egyptian President Abdel Fattah el-Sisi announced that his country lost about $10 billion in Suez Canal revenues due to attacks on ships in the Bab el-Mandeb Strait because of the war on Gaza.
This came during the Egyptian President's reception on Monday of the Secretary-General of the Organization for Economic Co-operation and Development OECD Mathias Cormann, in the presence of Egyptian Foreign Minister Badr Abdel Atty and Minister of Planning and Economic Development Ahmed Rostom.
El-Sisi explained that Egypt dealt with various global crises over the past five years through "studied proactive measures that have been praised by international financial institutions," which is the same approach Egypt follows in facing the current crisis related to the Iranian war.
Bab el-Mandeb is a strategic maritime corridor representing one side of the triangle of strategic crossings for energy and food transport, alongside the Suez Canal and the Strait of Hormuz. It is located between Yemen in Asia and both Djibouti and Eritrea in Africa, and is a main entry gateway to the Suez Canal.
The Houthi group in Yemen has carried out extensive targeting operations against Israeli cargo ships or those linked to them in the Red Sea or anywhere within reach using missiles and drones since October 2023 in response to the Israeli war on the Gaza Strip.
Suez Canal revenues in 2024 recorded a sharp decline of 66 percent, achieving $3.9 billion compared to about $10.2 billion in 2023, according to Suez Canal Authority Chairman Osama Rabie.
The Egyptian President stressed that his country hosts about ten million foreigners who have come to it due to conflicts and crises in their countries, and they receive the same services provided by the state to Egyptian citizens, without exploiting this matter to achieve political goals.
El-Sisi reviewed achievements in eliminating slums, which have so far benefited about 350,000 families for whom more than 300,000 new equipped housing units have been provided, in addition to the presidential initiative to eliminate waiting lists for patients seeking surgical operations, as well as developments in the implementation of the "Decent Life" initiative in its two phases, which will benefit more than fifty million citizens.
