Red Sea Disruptions Cost Egypt $7 Billion in Suez Revenues

Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.

Revenue from the vital international waterway is down over 60%, the statement said, without providing total figures.

The Houthi attacks have hit Egypt hard since they began in late 2023. The Yemen-based militant group hasn’t targeted Egyptian assets, but it has effectively closed the southern Red Sea and parts of the Gulf of Aden to most Western shipping firms, stopping them from using the Suez Canal to move ...