During the Egypt Energy Show's seventh edition, President Abdel-Fattah El-Sisi highlighted a significant decline in Suez Canal revenue, attributing a 40-50% drop this year to Houthi attacks on Red Sea shipping. The fiscal year 2022/2023 saw the canal generating a record $9.4 billion, marking it as a critical foreign currency source for Egypt, alongside tourism and remittances.
El-Sisi underscored the economic strains from various crises, including the COVID-19 pandemic and geopolitical tensions, while reaffirming Egypt's commitment to its financial obligations. Despite a 30% decrease in canal ship traffic and a corresponding decline in dollar revenue and cargo loads, as reported by Suez Canal Authority's Chairman Osama Rabie, Egypt remains poised to tackle further commitments, pending additional financial support.
Source: english.ahram.org.eg