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Suez Canal revenues decline up to 50% due to Red Sea tensions: Sisi at EGYPES 2024

Egyptian President Abdel Fattah al-Sisi confirmed on Monday that Suez Canal revenues have fallen by between 40-50 percent due to tensions in the Red Sea as a result of Huthi attacks made in solidarity with Palestine.

During the inauguration of Egypt Petroleum Show (EGYPES 2024) on Monday the at Al Manara International Conference Centre in New Cairo, Sisi said “the shipping corridor, which used to generate approximately US$10 billion annually, has declined by 40% to 50% since the beginning of this year.”

He pointed out that the Egyptian economy was affected first by the coronavirus pandemic, the Russian-Ukrainian crisis, and now by tensions across its various borders with Libya, Sudan, and the Gaza Strip.

The head of the Suez Canal Authority, Osama Rabie, stated in a telephone interview earlier in February with an Egyptian satellite channel that revenues from Suez Canal had declined from US$804 million recorded in January 2023 to $428 million during the same month this year.

Rabie said that the decline rate reached 46 percent, attributing this to the Red Sea crisis.

He pointed out that the number of ships that crossed the canal decreased to 1,362 ships in January, compared to 2,155 ships in the same month last year.



The EGYPES 2024 is held under the rubric “stimulating energy: securing supplies, energy transition and emissions reduction” and will last until February 21.

About 35,000 participants from 120 countries, about 2,200 members of delegations, and more than 40 Egyptian and international energy, oil, gas, and energy technology companies are scheduled to participate in EGYPES 2024.

Its activities will witness the holding of 80 discussion sessions concerning worldwide energy dynamics, the latest industry trends, regional progress, and collective actions to achieving net-zero emissions, with the participation of more than 300 speakers.

The accompanying exhibition, held on an area of 39 thousand square meters, also includes pavilions for 12 countries, including China, Cyprus, Germany, Greece, India, Italy, Romania, which is participating for the first time, Spain, Turkey, the United Arab Emirates, the United Kingdom, and the United States of America, in addition to 450 exhibiting companies from various countries.

Edited translation from Al-Masry Al-Youm

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