Egypt’s president said on Sunday its revenues from the Suez Canal have dropped by 60%, or more than $6 billion, in recent months as attacks by Yemen’s Houthis disrupt Red Sea shipping, reports Africanews.
President Abdel Fattah el-Sissi spoke during a graduation ceremony Sunday at the Police Academy in Cairo.
“The developments taking place are extremely serious and could lead to an expansion of the conflict in the region, affecting stability,” he said.
Attacks by the Iran-backed Houthis have led shipping firms to divert traffic around the Red Sea and, by extension, the Suez Canal linking it to the Mediterranean.
Ships targeting
The Houthis say they are targeting ships linked to Israel and its backers as a gesture of support for the Hamas resistance in Gaza.
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Source: Africanews
