Egypt reports significant drop in Suez Canal revenues due to Houthi attacks
Suez Canal revenues down 40-50 percent due to Houthi attacks, according to Egyptian president Abdel Fattah al-Sissi
Egypt reports significant drop in Suez Canal revenues due to Houthi attacks
The Economics of Geography

Egypt reports significant drop in Suez Canal revenues due to Houthi attacks

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Eurasia 24/02/2024 19:10

Suez Canal revenues down 40-50 percent due to Houthi attacks, according to Egyptian president Abdel Fattah al-Sissi.

Egyptian President Abdel Fattah al-Sissi says revenues from the Suez Canal have “decreased by 40 to 50 percent” so far this year due to attacks on shipping by Yemen’s Houthi rebels, Times of Israel reported.

The canal is one of Egypt’s main sources of foreign currency, with Cairo gripped by a severe financial crisis.

The Houthi attacks, which the group says are targeted at vessels with links to Israel in solidarity with the Palestinians in the war-torn Gaza Strip, have caused many major shipping firms to suspend passage through the Red Sea, which usually carries around 12 percent of global trade.

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