Egyptian President Abdel Fattah Al-Sisi announced on Sunday that revenue from the Suez Canal has decreased by 50-60 percent this year, equating to a loss of USD 6 billion (EGP 289.85 billion) The decline, he stated, is due to escalating geopolitical tensions in the region. Speaking during the graduation ceremony for new police cadets at the Police Academy in New Cairo, Al-Sisi addressed the economic challenges facing Egypt. “Geopolitical conditions have negatively affected Suez Canal revenues,” he said, adding that the current developments are deeply concerning and could lead to further escalation of conflict in the Middle East. The region has been experiencing heightened tensions since 7 October , following the outbreak of Israel’s war on Gaza and recently with Israel’s strikes on Lebanon. The assassination of key Hezbollah figures, including its leader Hassan Nasrallah, has further fueled instability. Meanwhile, disruptions caused by Houthi attacks on vessels in the Red Sea have also significantly impacted navigation and canal revenue. Despite these challenges, Al-Sisi assured that Egypt’s overall economic situation remains stable and continues to show signs of improvement. In July, the Central Bank of Egypt reported that Suez Canal revenues…
