Egypt's Suez Canal revenues cut by $10 billion due to shipping attacks, says President El-Sisi
via Egypt Today2 min read
President Abdel Fattah El-Sisi announced that Egypt has experienced a nearly $10 billion loss in Suez Canal revenues because of attacks on commercial vessels in the Bab el-Mandeb Strait. He described this disruption as a significant strain on national income. El-Sisi also highlighted other challenges impacting Egypt, including the ongoing fight against terrorism, the global effects of the COVID-19 pandemic, the Russia-Ukraine conflict, the war in Gaza, and escalating tensions involving Iran. Additionally, he noted the burden of hosting approximately 10 million foreign nationals and the sharp increase in global food and energy prices. The President affirmed the government's commitment to mitigating financial pressures on citizens and strengthening economic resilience. He warned of efforts to reshape the Middle East through extremist ideologies and emphasized Egypt's belief in cooperation, reconstruction, and peaceful development as the path to stability.
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