Suez Canal Revenue Dropped Due to Red Sea Tensions

Egypt’s Planning Minister Hala El-Saeed reported a significant 50% drop in Suez Canal revenue, attributing the decline to disruptions in shipping caused by escalating tensions in the Red Sea. Speaking at the World Economic Forum in Riyadh, El-Saeed highlighted the impact of regional instability, including Houthi attacks on Israeli-linked vessels and subsequent US airstrikes. The Suez Canal, vital for global trade and a major source of Egypt’s foreign currency, has seen reduced transits amid these ongoing conflicts. This comes as the broader Middle East faces increased turmoil from an extensive Israeli offensive in Gaza, with severe humanitarian consequences.–News Desk