CAIRO: Egyptian President Abdel Fattah al-Sisi said on Monday that revenues from the Suez Canal had "decreased by 40 to 50 percent" so far this year due to attacks on shipping by Yemen's Houthi rebels. The canal is one of the main sources of foreign currency for Egypt which is gripped by a severe financial crisis. Since November, the Iran-backed Houthis have launched numerous attacks on vessels in the Gulf of Aden and Red Sea, which the group says are aimed at ships with links to Israel in solidarity with the Palestinians in the war-torn Gaza Strip. The attacks have caused several major shipping firms to suspend passage through the Red Sea, which usually carries around 12 percent of global trade and divert vessels thousands of miles around Africa. "See what is happening at our borders... with Gaza, you see the Suez Canal, which used to bring Egypt nearly $10 billion per year, [these revenues] have decreased by 40 to 50 percent, and Egypt must continue to pay companies and partners," al-Sisi said during a conference with oil companies.

Source: Manila Times February 21, 2024 04:30 UTC