CAIRO, Sept 27 (NNN-MENA) – The revenues of the Suez Canal, a major source of foreign currency for Egypt, have dropped by some nine billion U.S. dollars over the past two years, due to a challenging regional environment, Egyptian President Abdel-Fattah al-Sisi, said yesterday.
Speaking at the Egyptian Military Academy, in the New Administrative Capital, Sisi said, the loss could have provided a significant positive impetus to Egypt’s economic progress.
However, Sisi assured that the country is experiencing a steadily improving economic situation, despite the heavy financial impact of the canal.
He also called for learning from other countries’ success, in navigating difficult circumstances, which he said requires a combination of “willpower, dedicated work, and patience.”
The Suez Canal is an artificial waterway in Egypt, extending from Port Said to Suez and connecting the Mediterranean Sea with the Red Sea. In April, the Suez Canal Authority, which runs the waterway, said, the canal generated an annual revenue of four billion dollars in 2024, down from a historic high of 10.3 billion dollars in 2023.
Since Nov, 2023, the Red Sea, one of the world’s busiest trade routes, has witnessed repeated attacks on commercial shipping, attributed to Yemen’s Houthis, which say, their operations are intended to pressure Israel and its allies in solidarity with Palestinians, amid the Gaza conflict.
The attacks have raised concerns over shipping security and forced some companies to divert vessels around Africa.– NNN-MENA
