CAIRO: Egypt’s revenue from the Suez Canal plunged by almost two thirds last year, officials said Wednesday, attributing the sharp drop to regional tensions and wars in the Middle East that have impacted traffic through the key waterway.
The canal is a major source of foreign currency for the Egyptian government, with about 10 percent of world trade flowing through the waterway in recent years.
The Suez Canal Authority, which runs the waterway, said the canal generated an annual revenue of $3.991 billion in 2024, down from a historic high of $10.25 billion in 2023, according to a statement posted on its Facebook page.
Canal traffic has been significantly disrupted after Yemen’s Iran-backed Houthi rebels started to threaten maritime trade and targeting vessels heading to Israel through the Suez Canal to pressure Israel to stop the war in Gaza, which started on Oct. 7, 2023.
Between November 2023 and January 2024, the Houthis targeted over 100 merchant vessels with missiles and drones, sinking two ships and killing four sailors. The rebels insisted the attacks would continue as long as the wars go on and have devastated shipping through the region.
According to the Egyptian canal authority, only 13,213 ships passed through the canal in 2024, marking a 50 percent decline compared to the number of ships in 2023, when over 26,000 ships passed through.
Still, canal authority chief Osama Rabie said that the attacks challenge the region but have not prevented Egypt from continuing to provide its navigational and maritime services in the Suez.
The International Monetary Fund reported in March 2024 that the Suez Canal trade dropped by 50 percent in the first two months of that year, compared to the previous year, citing attacks on vessels in the Red Sea.
Egyptian President Abdel Fattah El-Sisi’s government in 2015 completed a significant expansion of the Suez Canal, adding a second shipping lane and allowing it to handle some of the world’s largest vessels.
The canal, which connects the Mediterranean and the Red seas, was opened in 1869. It serves as a vital artery for global trade — a crucial link for oil, natural gas and cargo. The canal authority operates a system of convoys, consisting of one northbound and one southbound per day.
Egypt’s revenue from the Suez Canal plunged sharply in 2024
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Egypt’s revenue from the Suez Canal plunged sharply in 2024
- Canal traffic has been significantly disrupted after Yemen’s Iran-backed Houthi rebels started to threaten maritime trade
Syrian government and SDF agree to de-escalate after Aleppo violence
- Turkiye views the US-backed SDF, which controls swathes of northeastern Syria, as a terrorist organization and has warned of military action if the group does not honor the agreement
DAMASCUS: Syrian government forces and the Kurdish-led Syrian Democratic Forces agreed to de-escalate on Monday evening in the northern city of Aleppo, after a wave of attacks that both sides blamed on each other left at least two civilians dead and several wounded.
Syria’s state news agency SANA, citing the defense ministry, said the army’s general command issued an order to stop targeting the SDF’s fire sources. The SDF said in a statement later that it had issued instructions to stop responding to attacks by Syrian government forces following de-escalation contacts.
HIGHLIGHTS
• SDF and Syrian government forces blame each other for Aleppo violence
• Turkiye threatens military action if SDF fails integration deadline
• Aleppo schools and offices closed on Tuesday following the violence
The Syrian health ministry said two people were killed and several were wounded in shelling by the SDF on residential neighborhoods in the city. The injuries included two children and two civil defense workers. The violence erupted hours after Turkish Foreign Minister Hakan Fidan said during a visit to Damascus that the SDF appeared to have no intention of honoring a commitment to integrate into the state’s armed forces by an agreed year-end deadline.
Turkiye views the US-backed SDF, which controls swathes of northeastern Syria, as a terrorist organization and has warned of military action if the group does not honor the agreement.
Integrating the SDF would mend Syria’s deepest remaining fracture, but failing to do so risks an armed clash that could derail the country’s emergence from 14 years of war and potentially draw in Turkiye, which has threatened an incursion against Kurdish fighters it views as terrorists.
Both sides have accused the other of stalling and acting in bad faith. The SDF is reluctant to give up autonomy it won as the main US ally during the war, which left it with control of Daesh prisons and rich oil resources.
SANA, citing the defense ministry, reported earlier that the SDF had launched a sudden attack on security forces and the army in the Sheikh Maqsoud and Ashrafiyah neighborhoods of Aleppo, resulting in injuries.
The SDF denied this and said the attack was carried out by factions affiliated with the Syrian government. It said those factions were using tanks and artillery against residential neighborhoods in the city.
The defense ministry denied the SDF’s statements, saying the army was responding to sources of fire from Kurdish forces. “We’re hearing the sounds of artillery and mortar shells, and there is a heavy army presence in most areas of Aleppo,” an eyewitness in Aleppo told Reuters earlier on Monday. Another eyewitness said the sound of strikes had been very strong and described the situation as “terrifying.”
Aleppo’s governor announced a temporary suspension of attendance in all public and private schools and universities on Tuesday, as well as government offices within the city center.
