CAIRO: Egyptian President Abdel Fattah al-Sisi mentioned Monday that revenues from the Suez Canal had “decreased by 40 to 50 p.c” to date this 12 months resulting from assaults on delivery by Yemen’s Houthi rebels.
The canal is among the principal sources of overseas forex for Egypt which is gripped by a extreme monetary disaster.
Since November, the Iran-backed Houthis have launched quite a few assaults on vessels within the Gulf of Aden and Crimson Sea, which the group says are geared toward ships with hyperlinks to Israel in solidarity with the Palestinians within the war-torn Gaza Strip.
The assaults have brought on a number of main delivery companies to droop passage via the Crimson Sea, which often carries round 12 p.c of worldwide commerce, and divert vessels hundreds of miles round Africa.
“See what is going on at our borders… with Gaza, you see the Suez Canal, which used to carry Egypt almost $10 billion per 12 months, (these revenues) have decreased by 40 to 50 p.c and Egypt should proceed to pay corporations and companions,” Sisi mentioned throughout a convention with oil corporations.
The United Nations mentioned in late January that the general variety of ships passing via the Suez Canal, which hyperlinks the Crimson Sea to the Mediterranean, had fallen 42 p.c within the earlier two months.
The variety of weekly container ship transits via the Suez fell by 67 p.c year-on-year, in response to the UN Convention on Commerce and Growth (UNCTAD), whereas tanker site visitors dropped 18 p.c, the transit of bulk cargo ships carrying grain and coal was down six p.c and fuel transport at a standstill.
The engineering landmark, which opened in 1869, raised round $8.6 billion for Egypt within the 2022-23 fiscal 12 months, a significant supply of overseas forex, alongside tourism and remittances, in a rustic the place importers and cash changers battle to supply {dollars}.
The canal is among the principal sources of overseas forex for Egypt which is gripped by a extreme monetary disaster.
Since November, the Iran-backed Houthis have launched quite a few assaults on vessels within the Gulf of Aden and Crimson Sea, which the group says are geared toward ships with hyperlinks to Israel in solidarity with the Palestinians within the war-torn Gaza Strip.
The assaults have brought on a number of main delivery companies to droop passage via the Crimson Sea, which often carries round 12 p.c of worldwide commerce, and divert vessels hundreds of miles round Africa.
“See what is going on at our borders… with Gaza, you see the Suez Canal, which used to carry Egypt almost $10 billion per 12 months, (these revenues) have decreased by 40 to 50 p.c and Egypt should proceed to pay corporations and companions,” Sisi mentioned throughout a convention with oil corporations.
The United Nations mentioned in late January that the general variety of ships passing via the Suez Canal, which hyperlinks the Crimson Sea to the Mediterranean, had fallen 42 p.c within the earlier two months.
The variety of weekly container ship transits via the Suez fell by 67 p.c year-on-year, in response to the UN Convention on Commerce and Growth (UNCTAD), whereas tanker site visitors dropped 18 p.c, the transit of bulk cargo ships carrying grain and coal was down six p.c and fuel transport at a standstill.
The engineering landmark, which opened in 1869, raised round $8.6 billion for Egypt within the 2022-23 fiscal 12 months, a significant supply of overseas forex, alongside tourism and remittances, in a rustic the place importers and cash changers battle to supply {dollars}.
