Egypt: Suez Canal revenues plummet as Gaza war hurts shipping

Egypt’s president said on Sunday its revenues from the Suez Canal have dropped by 60%, or more than $6 billion, in recent months as attacks by Yemen’s Houthis disrupt Red Sea shipping.

President Abdel Fattah el-Sissi spoke during a graduation ceremony Sunday at the Police Academy in Cairo.

"The developments taking place are extremely serious and could lead to an expansion of the conflict in the region, affecting stability," he said.

"We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion," he added.

The canal is a major source of foreign currency for the country.

Attacks by the Iran-backed Houthis have led shipping firms to divert traffic around the Red Sea and, by extension, the Suez Canal linking it to the Mediterranean.

The Houthis say they are targeting ships linked to Israel and its backers as a gesture of support for the Hamas resistance in Gaza.

The Egyptian president warned that there would be "serious consequences in our region and possibly around the world," if the situation continues.