5 Hrs
Source:
عربية – DW
War impacts Suez Canal and Egypt's economy
The article discusses the impact of regional tensions on the Suez Canal, one of the world's most important maritime trade routes, especially amid the escalating conflict between Israel, the United States, and Iran, as well as the Houthi threats to close the Bab el-Mandeb Strait. Egypt suffered losses estimated at $7 billion in 2024 due to a decline in canal revenues; its income decreased from $10.25 billion in 2023 to around $4 billion in 2024, with the number of passing ships halving. Additionally, the port of Damietta experienced a drone attack that caused a fire on two gas ships, reflecting the intensifying conflicts in the region and threatening maritime navigation and Egypt’s economic stability. Analyses confirm that these tensions significantly threaten Suez Canal revenues and increase reliance on loans and foreign investments, complicating efforts to achieve economic stability.
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