Suez Canal: Egypt Loses Billions of Dollars in 2024

The Egyptian government has analyzed the financial losses caused by Yemeni Houthi attacks on commercial ships traveling to and from the Suez Canal, which is a key source of revenue for the Egyptian budget. The situation is truly catastrophic, with Suez Canal revenues collapsing by more than 60% in 2024 compared to the financial results recorded the year before. In monetary terms, Egypt lost 7 billion dollars.

During a meeting with the head of the Suez Canal Authority, Osama Rabie, Egyptian President Abdel Fattah al-Sisi (pictured) attributed the sharp drop in revenue to attacks by pro-Iranian Houthi rebels in the Red Sea. The international military coalition has failed to stop missile attacks and drone strikes against commercial ships suspected of being linked in one way or another to Israel, the United States, or Britain. The escalating conflict dissuaded many shipping companies from using the Suez Canal route and forced shipowners and captains to choose longer and more expensive alternative routes. Egyptian authorities hope that the implementation of new security measures can reverse this negative trend and restore traffic volumes on this strategic waterway.

Moreover, Egypt’s president has issued a warning about the country’s national security, saying – but without going into detail – that Egypt could be the next target of destabilization after Syria. In a video published by Egyptian media, Sisi said: “Their mission in Syria is complete, and the next goal is to overthrow the Egyptian state.” The Egyptian president did not wish to name specific names. Nevertheless, Sisi hinted that external and internal forces are working to undermine Egypt’s stability. According to Egyptian newspapers, the authorities fear the return of the Muslim Brotherhood, an Islamist organization declared illegal in Egypt.

Al-Sisi emphasized that efforts to destabilize the country are concentrated on several fronts, seeking to divide the population and weaken the national economy. “In their strategy, the subversive organizations must destroy the cohesion between the state and Egyptians, destroy the unity between Muslims and Christians,” he said. The President also reiterated the authorities’ commitment to protect the country from these threats, adding: “We will not hesitate to protect our people and ensure Egypt’s national security.”