Houthi attacks on ships in the Red Sea have severely disrupted global trade, causing Egypt to lose around $7 billion in Suez Canal revenue for 2024.
These attacks forced shipping companies to reroute vessels, leading to delays, higher shipping costs, and a significant economic impact on Egypt, which heavily depends on the canal for income.
President Abdel Fattah al-Sisi announced a loss of approximately $7 billion in revenue compared to the previous year.
The sharp decline, with revenue dropping more than 60% compared to 2023, is attributed to a series of attacks on commercial vessels by Houthi fighters from Yemen.
These attacks are reportedly carried out in solidarity with Palestinians amid the ongoing Israeli-Palestinian conflict.
The ongoing aggression has forced shipping companies to avoid the Suez Canal, choosing longer and more expensive routes around Africa instead.
This shift has disrupted global trade, increasing shipping costs and causing significant delays in deliveries worldwide.
