https://en.sputniknews.africa/20241227/egypt-loses-about-7bln-in-2024-due-to-situation-in-red-sea-presidents-office-reports-1069911038.html
Egypt Loses About $7Bln in 2024 Due to Situation in Red Sea, President's Office Reports
Egypt Loses About $7Bln in 2024 Due to Situation in Red Sea, President's Office Reports
Sputnik Africa
MOSCOW (Sputnik) - In September, Danish shipping company AP Moller-Maersk A/S (Maersk) said that the number of ships passing through the Suez Canal had fallen... 27.12.2024, Sputnik Africa
2024-12-27T10:23+0100
2024-12-27T10:23+0100
2024-12-27T11:44+0100
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Egypt's revenues from the Suez Canal fell by more than 60%, or $7 billion, in 2024 due to the situation in the Red Sea, the office of Egyptian President Abdel Fattah El-Sisi said. The Yemeni movement Ansar Allah, also known as the Houthis, declared its support for Palestine and vowed to attack any ships linked to Israel after the Jewish state launched a military offensive in the Gaza Strip in response to Hamas' October 2023 attack. The movement also pledged not to interfere with freedom of navigation in the region and not harm the ships of other countries. Some companies suspended shipping through the Red Sea over security concerns.
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egypt, north africa, suez canal, red sea, abdel fattah el-sisi, trade, yemen, middle east, houthis, conflict, israeli-palestinian conflict, israel
egypt, north africa, suez canal, red sea, abdel fattah el-sisi, trade, yemen, middle east, houthis, conflict, israeli-palestinian conflict, israel
Egypt Loses About $7Bln in 2024 Due to Situation in Red Sea, President's Office Reports
10:23 27.12.2024 (Updated: 11:44 27.12.2024) MOSCOW (Sputnik) - In September, Danish shipping company AP Moller-Maersk A/S (Maersk) said that the number of ships passing through the Suez Canal had fallen by 66% since the escalation of tensions in the Red Sea.
Egypt's revenues from the Suez Canal fell by
more than 60%, or $7 billion, in 2024 due to the situation in the Red Sea, the office of Egyptian President Abdel Fattah El-Sisi said.
"El-Sisi met with the Chairman and Managing Director of the Suez Canal Authority, Admiral Ossama Rabiee … President El-Sisi was briefed on the revenues generated by the Canal in 2024, which saw a decline of more than 60% compared to 2023. This means that Egypt has lost nearly $7 billion in 2024 as a result of the ongoing events in the Red Sea and Bab el-Mandeb, which negatively affected navigational traffic through the canal and the sustainability of global trade," the office said in a statement on Thursday.
The Yemeni movement Ansar Allah, also known as the Houthis, declared its support for Palestine and vowed to attack any ships linked to Israel after the Jewish state launched a military offensive in the Gaza Strip in response to Hamas' October 2023 attack. The movement also pledged not to interfere with freedom of navigation in the region and not harm the ships of other countries. Some companies suspended shipping through the Red Sea over security concerns.
