Business is booming.

Egypt’s Suez Canal Revenues Down By 40%

Revenues from Egypt’s Suez Canal are down 40% from early January 2024 compared to the same period in 2023.

The Canal Authority Head, Osama Rabieade made this known after reacting to attacks on ships by Yemen’s Houthis which caused major shippers to divert away from the route, last Thursday.

He said the number of vessels that pass through the Suez Canal dropped to 544 so far this year, from 777 in the equivalent period of 2023.

The Suez Canal is a key source of scarce foreign currency for Egypt, and authorities have been trying hard to boost revenues in recent years, including tan expansion of the canal in 2015.

Yemen’s Houthis have been attacking commercial vessels in the Red Sea for weeks to show support for Palestinian militant group, Hamas in its fight against Israel.

 

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