President Abdel-Fattah Al-Sisi announced at the Egypt Energy Show (EGYPS 2024) that Suez Canal revenues have dropped by 40-50 percent this year compared to the year before, a shortfall the President attributed to Houthi attacks impacting Red Sea shipping, reported state media Al-Ahram. In recent weeks, rising tensions in the region between Western powers and Yemen’s Houthi rebels have intensified. Citing threats posed by the Houthis, both the U.S and the U.K. have carried out airstrikes on targets on Houthi targets in Yemen, with the Houthis retaliating by targeting American and British ships. As a result, Suez Canal traffic has been suffering. In January, Suez Canal Authority Chairman Osama Rabie reported a 30 percent decrease in ship traffic compared to the same period in 2023. Corresponding dollar revenues also fell by 40 percent, and total freight traffic declined by 41 percent. At the EGYPS 2024, Al-Sisi highlighted these declining revenues in the context of other persistent economic struggles, including impacts from the Russia-Ukraine crisis and lingering repercussions of the COVID-19 pandemic. Despite the mounting challenges, Al-Sisi stressed that Egypt remains committed to meeting its financial obligations to petroleum companies, development…
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Source: egyptianstreets
