Egypt has lost $6 billion in revenue from the Suez Canal due to rising geopolitical tensions in the Middle East, President Abdel Fattah al-Sisi revealed on Sunday.
Speaking at a police graduation ceremony, Sisi announced that the canal’s revenue had dropped by 50 to 60 percent over the last eight months. The president attributed the decline to instability in the Middle East, stressing Egypt’s efforts to manage its internal affairs while maintaining regional stability.
“We are 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,” Sisi emphasized.
The Egyptian president also warned that the current tensions could further escalate, widening the conflict.
The region has seen heightened unrest, particularly following Israel’s extensive military operations in Gaza. The ongoing offensive, in response to a Hamas attack on October 7, 2023, has claimed the lives of nearly 41,600 people, many of them women and children.
The Suez Canal, which connects Europe to Asia, is a key route for global trade and one of Egypt’s primary sources of foreign currency.