Egypt’s Minister of Foreign Affairs Badr Abdelatty announced during the Rome MED-Mediterranean Dialogues conference on Wednesday, 20 November, that the Suez Canal revenues have fallen by USD 8 billion (EGP 396.78 billion) since Israel’s war on Gaza began.
Abdelatty attributed the decline to ongoing geopolitical tensions in the region. Repeated Houthi-led attacks near Bab El-Mandeb Strait, aimed at pressuring Israel into halting its Gaza offensive, have further disrupted navigation routes, directly impacting Suez Canal traffic.
He added that the decline translates to a monthly loss exceeding USD 600 million (EGP 29.76 billion), noting that Egypt remains one of the most affected countries due to its reliance on the canal as a primary source of foreign currency.
The minister called for an immediate ceasefire in Gaza and Lebanon, advocating for a comprehensive approach to stabilize the region and mitigate the economic repercussions of the escalating tensions.
In July, the Central Bank of Egypt reported a decline in canal revenues to USD 5.8 billion (EGP 287.7 billion) in the first nine months of the fiscal year, compared to USD 6.2 billion (EGP 307.5 billion) in the same period the previous year.
In late September, President Abdel Fattah Al-Sisi confirmed that revenues from the Suez Canal had dropped by 50 to 60 percent this year, resulting in a loss of USD 6 billion (EGP 297.6 billion).
Abdelatty further emphasized in his speech Egypt’s unwavering commitment to de-escalating tensions and fostering peace in the Middle East.
The minister arrived in Italy on Monday for the 10th edition of the three-day Rome MED-Mediterranean Dialogues conference, which serves as a platform for northern and southern Mediterranean countries to discuss shared security challenges and potential cooperation opportunities.
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