Navigation disruption in Red Sea leads to a '40 to 50%' decline in Suez Canal revenues: Egyptian President El-Sisi

On Monday, Egyptian President Abdel Fattah El-Sisi confirmed a decline in Suez Canal revenues ranging from 40 to 50 percent due to disruptions in navigation in the Red Sea, a result of Houthi rebel attacks in solidarity with Palestinians in Gaza.

During the Egypt Energy Show, El-Sisi stated, "Today, the navigational passage that used to generate approximately 10 billion dollars annually has declined by 40 to 50 percent since the beginning of the current year." 

He pointed out the impact on the Egyptian economy, first from the "COVID-19 crisis, then the Russo-Ukrainian crisis, and now what is happening on our various borders with Libya, Sudan, and Gaza."

AFP