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Egypt faces $8 billion loss as Suez Canal revenues suffer amid regional tensions
Posted on November 26, 2024 |
Egypt is losing over $600 million per month in Suez Canal revenue due to the ongoing war.
Suez Canal revenues fell to $7.2 billion in the fiscal year 2023/2024, down from $9.4 billion in 2022/2023.
The decline in revenue is caused by regional instability and attacks on ships linked to Israel, the US, and the UK near the Bab El-Mandeb Strait.
The Houthi group claims responsibility for the attacks, aiming to pressure Israel to stop its war in Gaza.