Egyptian President Abdel Fattah El-Sisi has highlighted unprecedented and substantial losses experienced by the Suez Canal, attributing them to the current situation in the Red Sea.
Speaking at the opening of the 7th Egypt International Energy Conference & Exhibition “EGYPS 2024,” El-Sisi stated, “The canal’s revenues have plummeted by 50% due to the activities on our borders and the ongoing events in the Red Sea. The waterway’s annual income typically reaches $10 billion.”
El-Sisi emphasized Egypt’s resilience through the COVID-19 crisis, the ramifications of the Russian-Ukrainian conflict, and the current Israeli-Palestinian strife, noting that the Suez Canal’s income has dropped by 40 to 50% as a result of the situation in the Red Sea.
The Egyptian leader inaugurated the “EGYPS 2024” event, held from February 19-21 under the theme “Energy Drive: Securing Supplies, Energy Transition, and Emission Reduction.”
