Speaking at the opening of the annual Egypt Energy Show in Cairo, President Sisi emphasized the canal's crucial role, contributing approximately $10 billion annually to Egypt.
The Suez Canal is renowned as one of the world's most vital waterways, serving as the shortest shipping route between Europe and Asia and a primary source of foreign currency for Egypt. Recent disruptions in transits through the canal have been attributed to tensions in the Red Sea, particularly the Houthi attacks on Israeli-linked commercial ships and subsequent US retaliatory airstrikes.
According to the UN Conference on Trade and Development, weekly transits through the canal have witnessed an estimated 42% decline over the last two months, highlighting the impact of regional conflicts on maritime activities.
President Sisi underscored the challenges faced by Egypt amid conflicts in the Gaza Strip, Libya, Sudan, and the Russia-Ukraine crisis. Despite these challenges, he assured that the Egyptian government remains committed to fulfilling its obligations with petroleum companies, development partners, and financial institutions.
The ongoing Israeli offensive on the Gaza Strip has further exacerbated tensions in the region, leading to significant humanitarian crises.
The UN reports that the Israeli war on Gaza has resulted in a large number of casualties, internal displacement of 85% of the population, acute shortages of essential resources, and extensive damage to infrastructure.