Suez Canal revenues down over 60%

The Suez Canal’s revenues showed a decline exceeding 60 per cent in 2024 compared to 2023. This decrease amounts to a loss of nearly $7 billion for Egypt and is attributed to current events in the Red Sea and Bab Al-Mandab, a presidential statement said yesterday.

Presidential spokesperson, Ambassador Mohamed El-Shenawy, added that President Abdel Fattah Al-Sisi held a meeting with Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, to discuss what has negatively affected canal navigation and global trade sustainability.

According to the statement, the meeting also discussed ongoing projects to modernise the Suez Canal’s navigational route. These projects aim to enhance the canal’s value and role in global supply chains and trade, including the completion of the southern section development and the expansion of the waterway between kilometre 132 and 162 to accommodate larger ships.

During the meeting, the president was updated on the measures being implemented by the Suez Canal Authority to mitigate the challenges posed by the situation in the Red Sea and Bab Al-Mandab. Furthermore, the discussions included efforts to modernise Egypt’s fishing fleet in line with international standards and advanced technological systems.

Al-Sisi directed the continuation of the canal’s development projects to provide optimal navigation services and strengthen its role as a cornerstone of global trade.

READ: Israel warship travels through Egypt’s Suez Canal