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
Spain highlights importance of Gaza reconstruction
- Spain officially recognized Palestine as a state in May 2024, in a coordinated move alongside Ireland and Norway
RAMALLAH: The Palestinian prime minister, Mohammed Mustafa, and the Spanish foreign minister, Jose Manuel Albares, on Friday discussed the latest developments in the West Bank and Gaza Strip.
During their telephone conversation they emphasized the need to intensify international efforts to end the Israeli occupation and halt attacks and settler violence, and to secure the release of Palestinian funds held by Israeli authorities.
They affirmed the importance of ongoing efforts relating to plans for the reconstruction of Gaza, and Europe’s significant role in this process. Mustafa and Albares highlighted the need to unify Palestinian institutions in Gaza with those in the West Bank, with the aim of establishing a Palestinian state in line with international resolutions, including last year’s New York Declaration.
They also discussed coordination between their countries, and the strengthening of Spain’s political, diplomatic and financial support for Palestine, and Mustafa thanked Spain for its ongoing support.
Spain officially recognized Palestine as a state in May 2024, in a coordinated move alongside Ireland and Norway. Estephan Salameh, the Palestinian finance and planning minister, is set to visit Spain this month to discuss enhanced cooperation, particularly in the areas of development and reconstruction. Meanwhile, Israel continues operating in the occupied West Bank.
The Palestinian Prisoners media office said on Friday that Israel carried out numerous raids across the territory, including the major cities of Ramallah and Hebron, according to The Associated Press.
Nearly 50 people were detained, following the arrest of at least 50 other Palestinians on Thursday, most of those in the Ramallah area.
As 2026 begins, the shaky 12-week-old ceasefire between Israel and Hamas has largely ended large-scale Israeli bombardment of Gaza.
But Palestinians are still being killed by Israeli fire, especially along the so-called Yellow Line that delineates areas under Israeli control, and the humanitarian crisis is compounded by frequent winter rains and colder temperatures.
On Friday, American actor and film producer Angelina Jolie visited the Rafah border crossing between Egypt and the Gaza Strip.
The only crossing between the territory and a country other than Israel, it remains closed despite Palestinian requests to reopen it to people and aid.
Jolie met with members of the Red Crescent on the Egyptian side of the Rafah border crossing and then visited a hospital in the nearby city of Arish to speak with Palestinian patients on Friday, according to Egyptian officials.
Aid groups say not enough shelter materials are getting into Gaza during the truce.
