Egypt's Suez Canal revenue plummets amid regional turmoil

President Sisi reported a 40-50 percent decrease in Suez Canal revenue due to Covid-19, Ukraine-Russia conflict, and Libya-Sudan border tensions. The Gaza Strip crisis impacted 10% of the vital shipping corridor, generating $10 billion annually for Egypt. Renowned as one of the world's crucial maritime routes, the Suez Canal serves as a cornerstone of Egypt's economy, serving as a primary source of foreign exchange and facilitating expedited trade between Europe and Asia.

This announcement comes in the wake of the United Nations Conference on Trade and Development (UNCTAD) report on January 26, revealing a 42 percent decline in weekly passages through the Suez Canal over the past two months due to escalating attacks in the Red Sea.