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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Foreign Minister Badr Abdelatty announced that Egypt and Eritrea have agreed to strengthen cooperation and coordination on Middle East developments. Presidential consultations between the two nations addressed regional issues, including the Iran-Israel conflict and the Palestinian issue. Both countries condemned Israeli actions in the West Bank, Gaza Strip, and Lebanese territory, advocating for de-escalation. They affirmed the importance of respecting international law, state sovereignty, and territorial integrity, rejecting military occupation and the use of force to resolve conflicts. Diplomatic efforts and peaceful political solutions were highlighted as crucial for addressing regional and international crises. Egypt and Eritrea rejected Israeli practices against Palestinians, supporting their right to an independent state with East Jerusalem as its capital within the 1967 borders. The Foreign Minister stressed the need for effective collective security mechanisms, including the swift activation of the Council of Arab and African States Bordering the Red Sea and the Gulf of Aden. Both presidents emphasized adherence to international law, particularly regarding the sovereignty, unity, and territorial integrity of states, and rejected unilateral actions concerning transboundary international waterways like the Nile River to protect all parties' rights.
Must ReadPresident Abdel Fattah El-Sisi of Egypt and President Felix Tshisekedi of DR Congo witnessed the signing of several memorandums of understanding and agreements during a ceremony in Cairo. These agreements, signed by ministers from both nations, cover political and diplomatic consultations, investment promotion, and healthcare. Specifically, an MoU was signed for political and diplomatic consultations, while an agreement aims to boost investment relations between Egypt's General Authority for Investment and Free Zones and DR Congo's National Investment Promotion Agency. In the healthcare sector, a draft MoU was signed to establish an Egyptian cardiology and cardiovascular diseases wing at the Renaissance hospital in DR Congo. Additionally, an MoU was signed between the Administrative Capital for Urban Development and DR Congo’s Ministry of Urban Planning and Housing to foster cooperation in housing and urban development. These agreements signify ongoing efforts to expand cooperation across various sectors between the two countries.
Actor Martin Lawrence shared photos from his visit to the Pyramids of Giza, describing his first trip to Cairo as an unforgettable experience. He stated that seeing the ancient pyramids up close was a moment he will never forget and a highlight of his journey. Lawrence praised the love, energy, and hospitality he received, thanking the Egyptian people for their warm welcome. He noted that Egyptians made him feel at home and expressed gratitude for the positive atmosphere, indicating that his initial visit to Cairo left a lasting impression.