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
https://arab.news/wamhp
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
US lawmakers press Israel to probe strike on reporters in Lebanon
- “The IDF has made no effort, none, to seriously investigate this incident,” Welch said
- Collins called for Washington to publicly acknowledge the attack in which an American citizen was injured
WASHINGTON: Several Democratic lawmakers called Thursday for the Israeli and US governments to fully investigate a deadly 2023 attack by the Israeli military on journalists in southern Lebanon.
The October 13, 2023 airstrike killed Reuters videographer Issam Abdallah and wounded six other reporters, including two from AFP — video journalist Dylan Collins and photographer Christina Assi, who lost her leg.
“We expect the Israeli government to conduct an investigation that meets the international standards and to hold accountable those people who did this,” Senator Peter Welch told a news conference, with Collins by his side.
The lawmaker from Collins’s home state of Vermont said he had been pushing for answers for two years, first from the administration of Democratic president Joe Biden and now from the Republican White House of Donald Trump.
The Israeli government has “stonewalled at every single turn,” Welch added.
“With the Israeli government, we have been extremely patient, and we have done everything we reasonably can to obtain answers and accountability,” he said.
“The IDF has made no effort, none, to seriously investigate this incident,” Welch said, referring to the Israeli military, adding that it has told his office its investigation into the incident is closed.
Collins called for Washington to publicly acknowledge the attack in which an American citizen was injured.
“But I’d also like them to put pressure on their greatest ally in the Middle East, the Israeli government, to bring the perpetrators to account,” he said, echoing the lawmakers who called the attack a “war crime.”
“We’re not letting it go,” Vermont congresswoman Becca Balint said. “It doesn’t matter how long they stonewall us.”
AFP conducted an independent investigation which concluded that two Israeli 120mm tank shells were fired from the Jordeikh area in Israel.
The findings were corroborated by other international probes, including investigations conducted by Reuters, the Committee to Protect Journalists, Human Rights Watch, Amnesty International and Reporters Without Borders.
Unlike Welch’s assertion Thursday that the Israeli probe was over, the IDF told AFP in October that “findings regarding the event have not yet been concluded.”
