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.