Egypt reports $6 bln loss in Suez Canal revenue amid geopolitical tensions

Egypt has experienced a significant revenue loss of $6 billion from the Suez Canal due to rising geopolitical tensions in the region, President Abdel Fattah al-Sisi announced on Sunday.

Speaking during a police graduation ceremony, Sisi said revenue of the international waterway had plummeted by 50 to 60% over the past eight months, News.Az reports, citing foreign media.

"We are keen on managing our affairs in a way that preserves our country and maintains stability in the region as much as possible, without getting involved in events that could affect security,” Sisi stressed.

The Egyptian leader warned that the current regional tensions could lead to an expansion of the conflict.

Regional tensions have escalated over Israel’s offensive on the Gaza Strip, which has killed nearly 41,600 people following a Hamas attack on Oct. 7, 2023.

The Suez Canal, a vital artery for global trade, is the shortest shipping route between Europe and Asia. It is one of Egypt's main sources of foreign currency.

News.Az