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.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Egypt Today.
Must ReadEgypt and Saudi Arabia have urged an immediate cessation of all military operations and emphasized the importance of safeguarding freedom of navigation. This call came during a phone conversation between Egyptian Foreign Minister Badr Abdelatty and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud. The ministers stressed the need for political and diplomatic solutions to regional crises and enhanced coordination among Arab nations to maintain security and stability. They also reaffirmed the importance of securing international maritime routes and rejecting any attempts to obstruct transit through international waterways. These discussions occurred amidst escalating regional tensions, including the ongoing conflict in Iran, retaliatory attacks across the Middle East, and recent Houthi attacks on Saudi maritime interests in the Red Sea, alongside Tehran's blockade of the Strait of Hormuz.
Must ReadEgyptian Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani met in Doha, calling for the resumption of negotiations between the United States and Iran. They urged regional efforts to de-escalate Middle East tensions and return to diplomacy, emphasizing the need for these efforts to lead to de-escalation, renewed negotiations, and adherence to the memorandum of understanding between Washington and Tehran from mid-June. The ministers also discussed developments in the Gaza Strip, West Bank, and East Jerusalem, stressing the importance of implementing the first phase of US President Donald Trump's Gaza ceasefire plan and transitioning to its second phase. This meeting was part of ongoing consultations between Egypt and Qatar, with both ministers reaffirming their commitment to expanding bilateral cooperation, especially in trade, economic ties, and investment opportunities.
Egypt and the Philippines signed an agreement on Friday, July 24, granting immediate market access for five Egyptian agricultural commodities: grapes, onions, garlic, tomatoes, and carrots. The agreement was signed by Dr. Badr Abdelatty, Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, on the sidelines of the tenth round of political consultations between Egypt and the Philippines. The Philippine delegation was led by Maria Teresa L谩zaro, Secretary of Foreign Affairs. Both ministers described the agreement as a significant step towards strengthening bilateral economic and trade cooperation and marking the beginning of a new phase of partnership in food security. They expect the agreement to boost bilateral trade and advance shared economic interests. The ministers also highlighted ongoing coordination to complete procedures for Egyptian potato exports to the Philippine market. Additionally, both sides reaffirmed their commitment to expanding economic cooperation by increasing Egyptian fertilizer exports, facilitating the registration of Egyptian medicines and food supplements in the Philippines, and promoting exports of Egyptian cotton fabrics and textiles.