ANKARA (BERNAMA) – Egypt has lost USD6 billion in Suez Canal revenue due to escalating geopolitical tensions in the region, Anadolu Agency reported citing President Abdel Fattah al-Sisi yesterday.
Speaking during a police graduation ceremony, Sisi said revenue of the international waterway had plummeted by 50 to 60 per cent over the past eight months.
“We are keen on managing our affairs in a way that preserves our country and maintains stability in the region as much as possible, without getting involved in events that could affect security,” Sisi stressed.
The Egyptian leader warned that the current regional tensions could lead to an expansion of the conflict.
Regional tensions have escalated over Israel’s brutal offensive on the Gaza Strip. The Suez Canal, a vital artery for global trade, is the shortest shipping route between Europe and Asia. It is one of Egypt’s main sources of foreign currency.
