Egypt incurs $10B in Suez Canal losses over Gaza war, president says

Egypt has lost about $10 billion in Suez Canal revenues due to attacks on shipping in the Bab al-Mandab Strait as a result of the Gaza war, Egyptian President Abdel Fattah al-Sisi said Monday, Anadolu Agency reports. Speaking during a meeting in Cairo with Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Sisi said continued attacks on ships in the Bab al-Mandab Strait, a key maritime chokepoint linking the Red Sea to the Gulf of Aden, had sharply reduced traffic heading to the Suez Canal, the presidency said in a statement. Bab al-Mandab is one of the world’s most strategic shipping routes for energy and food supplies, alongside the Suez Canal and the Strait of Hormuz. Attacks […]