President Abdel Fattah al-Sisi stated that these losses could reach between 50-60% of total revenue, potentially amounting to around $6 billion.
Earlier this year, President Sisi had noted a 40-50% drop in Suez Canal revenues due to tensions in the Red Sea, exacerbated by Houthi attacks in solidarity with Palestine.
Speaking at the Egypt Petroleum Show (EGYPES 2024) in New Cairo, Sisi highlighted that the canal, which typically generates about $10 billion annually, had seen a steep decline in income since the beginning of the year.
The head of the Suez Canal Authority (SCA), Osama Rabie, confirmed in a February interview that canal revenues had dropped from $804 million in January 2023 to $428 million during the same month in 2024, a 46% decline.
Rabie attributed the drop to the ongoing Red Sea crisis and noted that the number of vessels transiting the canal fell to 1,362 in January 2024, compared to 2,155 in January 2023.
In a separate development, the Egyptian government denied rumors that the Suez Canal was being sold for $1 trillion.
The SCA clarified that these claims were false and reaffirmed that the canal remains under full Egyptian ownership and control, with all operational and management responsibilities continuing to rest with Egyptian citizens.