Egypt reports $6 billion in losses in Suez Canal revenue due to geopolitical tensions

Egypt has suffered a significant loss of $6 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 closing ceremony, Sisi said the international waterway’s revenues had plummeted by 50% to 60% in the past eight months, News.Az reported, citing foreign media.

“We are interested in managing our affairs in a way that preserves our country and stability in the region as much as possible, without getting involved in events that could affect security,” Sisi stressed.

The Egyptian head of state warned that current regional tensions could lead to an expansion of the conflict.

Regional tensions have increased due to the Israeli offensive in the Gaza Strip, which killed nearly 41,600 people following a Hamas attack on October 7, 2023.

The Suez Canal, an important artery for global trade, is the shortest shipping route between Europe and Asia. It is one of Egypt’s most important sources of foreign exchange.

News.Az