Egypt has experienced a staggering loss of $6 billion in Suez Canal revenue due to escalating geopolitical tensions in the region, President Abdel Fattah al-Sisi announced on Sunday. During a police graduation ceremony, he revealed that the revenue from this crucial international waterway has dropped by 50 to 60% over the past eight months.
Commitment to Stability
In his remarks, President Sisi emphasized the importance of managing Egypt’s affairs to safeguard the nation and maintain regional stability. He highlighted the necessity of avoiding involvement in events that could compromise security.
Regional Tensions and their Impact
Sisi also expressed concern that the ongoing regional tensions could potentially escalate into a broader conflict. This warning comes on the heels of a severe Israeli offensive on the Gaza Strip, which has resulted in the deaths of nearly 41,600 people, primarily women and children, following a Hamas attack on October 7, 2023.
The Importance of the Suez Canal
The Suez Canal is not only the shortest shipping route between Europe and Asia, but it is also one of Egypt’s primary sources of foreign currency. The ongoing instability in the region poses serious risks to its operational effectiveness and revenue generation.
Source: trtafrika