Ahmad 
Egyptian Prime Minister Mostafa Madbouly announced that the Suez Canal is suffering huge financial losses, losing between $500 and $550 million per month, due to the turbulent situation in the region.
During a press conference attended by a number of media professionals and editors-in-chief, Madbouly explained that the government did not expect the canal’s revenues to drop to $300 million, after reaching $800 million per month, indicating that Egypt is facing major challenges due to the crises affecting its economy.
The United Nations Conference on Trade and Development (UNCTAD) confirmed in February of this year that the weekly movement of cargo ships through the Suez Canal decreased by more than two-thirds due to attacks launched by the Houthis on ships.
The Houthi attacks in the Red Sea led to a 42% decrease in the number of ships passing through the Suez Canal during last January, compared to the peak during the first half of last year, warning that traders have not yet felt the full repercussions of the crisis.
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