This translates to nearly $7 billion in lost revenue due to ongoing disruptions in the Red Sea and Bab el-Mandeb
President Abdel Fattah El-Sisi met with the Chairman of the Suez Canal Authority (SCA), Lieutenant General Osama Rabie, to discuss the impact of regional developments on shipping traffic through the Suez Canal in 2024. The meeting, as outlined by the Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, revealed a significant decline in the Canal's revenues, with losses exceeding 60% compared to 2023. This translates to nearly $7 billion in lost revenue due to ongoing disruptions in the Red Sea and Bab el-Mandeb, which have hindered navigational traffic and strained global trade sustainability.
The discussions emphasized the importance of ongoing modernization projects to bolster the Suez Canal's role in global supply chains. Key initiatives include completing the southern sector project and expanding the navigation route from kilometer 132 to kilometer 162 to accommodate larger vessels. Additionally, the duplication of the navigation channel between kilometer 122 and kilometer 132 is progressing, aimed at increasing cargo volume and enhancing the efficiency of two-way traffic.
President El-Sisi was briefed on the SCA’s measures to address the challenges posed by instability in the Red Sea and Bab el-Mandeb. He also reviewed the authority's efforts to modernize Egypt's fishing fleet to align with international standards, incorporating the latest technological systems to improve efficiency and sustainability.
The President directed the continued execution of these development projects to enhance the Canal’s capacity to provide world-class maritime services and solidify its position as a cornerstone of global trade. He also underscored the need for sustained efforts in modernizing the fishing fleet to support Egypt's national economy.
This strategic focus on infrastructure development and modernization reflects Egypt’s commitment to maintaining the Suez Canal’s pivotal role despite external challenges, ensuring its resilience and contribution to global commerce.
