President El-Sisi: Egypt Loses USD 800 Million Monthly in Suez Revenue
The Suez Canal has been losing USD 800 million per month as ships divert routes due to geopolitical tensions in the Red Sea.
President Abdel Fattah El-Sisi has announced that the Suez Canal is experiencing monthly revenue losses of approximately USD 800 million due to disruptions in Red Sea shipping routes.
Regional tensions have forced many global shipping companies to reroute vessels away from the Red Sea and Suez Canal, opting for the longer, more expensive journey around Africa via the Cape of Good Hope. This shift has significantly impacted Egypt’s economy, with the Suez Canal Authority estimating that total losses for 2024 could reach USD 7 billion.
To counteract the downturn, Egypt has implemented measures to boost the canal’s capacity. In December 2024, a trial run was completed for a 10-kilometre channel extension near the southern end of the Suez Canal. The expansion is expected to accommodate an additional six to eight ships daily, helping to alleviate bottlenecks and improve emergency navigation.
