Sunday, May 19, 2024

Egypt says Suez Canal revenue drops by 50% amid Red Sea tension

The Suez Canal revenue has fallen 50% amid growing tension in the Red Sea, Egypt’s planning minister has announced.

“The decline was caused by a disruption in shipping due to tension in the Red Sea,” Hala El-Saeed said in a speech on the sidelines of the World Economic Forum in Riyadh, Saudi Arabia.

The Suez Canal, a critical maritime route for global trade, is the shortest shipping route between Europe and Asia. It is one of the main sources of foreign currency for Egypt.

Transits through the international waterway were affected by tensions in the Red Sea amid Yemen’s Houthi attacks on Israeli-linked commercial ships and US retaliatory airstrikes.

Tensions have escalated across the Middle East region amid a deadly Israeli offensive on the Gaza Strip, which has killed more than 34,400 people and injured thousands since an Oct. 7 Hamas attack, which killed nearly 1,200 people.

More than six months into the Israeli war, vast swathes of Gaza lay in ruins, pushing 85% of the enclave’s population into internal displacement amid a crippling blockade of food, clean water and medicine, according to the UN.

Israel stands accused of genocide at the International Court of Justice. An interim ruling in January ordered Tel Aviv to stop genocidal acts and take measures to guarantee that humanitarian assistance is provided to civilians in Gaza.

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