Ahmad 
Egyptian President Abdel Fattah al-Sisi confirmed that Suez Canal revenues have declined by between 40% and 50%, due to the disruption of shipping in the Red Sea against the backdrop of Houthi attacks.
Sisi said during the 2024 Egypt International Petroleum Conference: “Today, the shipping lane, which used to generate about $ 10 billion annually, has declined by 40% to 50% since the beginning of this year.”
Sisi continued: “Egypt faced the repercussions of the Corona virus for two years, then the Ukrainian-Russian crisis, then what you see on our various borders with Libya and Sudan, and now with the Gaza Strip,” stressing that he “does not complain, but talks about reality.”
Sisi called on international institutions to provide low-cost international financing to African countries, including Egypt, to help them develop and shift towards clean energies.
The Suez Canal is one of the most important canals and straits around the world, and it is the shortest shipping route between Europe and Asia, and its revenues constitute one of the most prominent sources of foreign exchange in Egypt.