Egypt has suffered a loss of $6 billion in revenue from the Suez Canal due to the tense geopolitical situation in the region caused by the war in Gaza and the standoff between Israel and Lebanon.
The Suez Canal, a vital artery of world trade, is the shortest shipping route between Europe and Asia. It is a major source of foreign exchange for Egypt.
Speaking at a police graduation ceremony on Sunday, President Abdel Fattah al-Sisi said revenues from the international waterway have fallen by 50-60 per cent in the past eight months. The current regional tensions could also lead to an expansion of the conflict.
The president noted that Egypt is “keen on managing our affairs in a way that preserves our country and maintains stability in the region as much as possible, without getting involved in events that could affect security.”
Regional tensions heightened by the outbreak of war between Israel and Hamas in October 2023. Since then, the Israeli army’s counter-offensive has left some 41,600 Palestinians dead, mostly women and children. Recent events, including the heightened tension between Hezbollah and Israel, as well as the assassination of the group’s top figures, have exacerbated the situation.
