The Suez Canal, a symbol of global maritime connectivity, has recently faced difficult times due to growing tensions in the Red Sea. Egyptian President Abdel Fattah al-Sisi confirmed that canal revenues fell by 40 to 50 percent due to Houthi attacks in solidarity with Palestine.
This situation has had a significant impact on the Egyptian economy, already weakened by the coronavirus pandemic and regional crises. Canal revenues fell from $10 billion a year to a drastic drop of 40 to 50 percent at the start of the year.
At the same time, the EGYPES 2024 exhibition, focused on energy stimulation and energy transition, is currently being held in Cairo. More than 35,000 participants from 120 countries attend, making it a major event for the global energy industry.
The exhibition accompanies the show and provides a platform for discussions on current energy issues, sector trends and collective actions to achieve greenhouse gas emissions reduction targets.
The figures show a significant drop in the number of ships passing through the canal, with a 46% decrease in January compared to the same period the previous year. This fall is largely linked to the crisis in the Red Sea and regional tensions.
It is clear that these developments have a direct impact on the Egyptian economy and highlight the importance of security in international shipping lanes. Current challenges require global cooperation and concerted efforts to ensure stability and prosperity in the region.