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Egypt had lost 60 to 70% of its revenue in the last 6 to 7 months due to attacks by Houthis, which worked out at USD 6 Billion. Revenue from the Suez Canal is a major source of receipt of foreign exchange for the country.
Egypt’s president said on Sunday its revenues from the Suez Canal have dropped by 60%, or more than USD 6 billion, in recent months as attacks by Yemen’s Houthis disrupt Red Sea shipping. President Abdel Fattah el-Sissi spoke during a graduation ceremony Sunday at the Police Academy in Cairo.
The President said that the country had lost 60 to 70% of its revenue in the last 6 to 7 months due to attacks by Houthis, which worked out at USD 6 Billion. Revenue from the Suez Canal is a major source of receipt of foreign exchange for the country.
Attacks by the Iran-backed Houthis have led shipping firms to divert traffic around the Red Sea and, by extension, the Suez Canal linking it to the Mediterranean.
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The Houthis say they are targeting ships linked to Israel and its backers as a gesture of support for the Hamas resistance in Gaza. The Egyptian president warned that there would be serious consequences in our region and possibly around the world if the situation continues.
