The crisis in the Red Sea is costing the state coffers a lot Egyptians, starting with the almost seven billion dollars of missed revenues generated by ship traffic passing through the canal of Suez. Since the end of 2023, in fact, the attacks of the rebels Yemeni Houthi to ships in the Red Sea and Afghanistan region Gulf of Aden have induced most of the shipowners operating scheduled services or flights that normally cross the canal Egyptian to opt for the route that passes around the Cape of Buona Hope by circumnavigating Africa.

Yesterday, Egyptian President Abdel Fattah Al-Sissi made a statement with Admiral Osama Rabie, Chairman of the Canal Authority Suez Convention, the point on the loss of maritime traffic caused by the crisis. Rabie announced that in 2024 the revenues produced by the Ship transits in the canal have decreased by more than -60% compared to to 2023, which means - he specified - that in 2024 Egypt He lost almost seven billion dollars.

The spokesman of the Presidency of the Republic, Mohamed Al-Shenawy, announced that during the meeting He also talked about the projects underway to strengthen the channel increasing its value and role in world trade, starting with from the completion of the modernization works of the entire part of the canal, the widening of the navigable canal from the kilometer 132 to kilometer 162 to allow the transit of ships and the completion of the doubling project of the canal from kilometer 122 to kilometer 132.