Sisi follows up on Suez Canal measures to address impact of Red Sea incidents

CAIRO – 26 December 2024: President Abdel Fattah El-Sisi was briefed about the measures taken by the Suez Canal Authority (SCA) to address the challenges arising from the situation in the Red Sea and Bab Al-Mandab Strait as he met with SCA’s Chairman Osama Rabie on Thursday.

Sisi checked on the canal's revenues for 2024, which have seen a decline of over 60% compared to 2023, translating to an estimated loss of nearly $7 billion for the nation, due to the ongoing events in the Red Sea and Bab Al-Mandab.

The presidency highlighted these incidents’ adverse effect on canal traffic and global trade sustainability.

The discussions covered projects underway to upgrade the Suez Canal's navigational channel, enhancing its value and role in global supply chains and trade.

The meeting highlighted the completion of the canal’s southern sector development project and the expansion of the navigational channel from the 132-km to 162-km marks to accommodate larger vessels.

Moreover, the Suez Canal witnessed the completion of the full duplication of its navigational route between the 122-km and 132-km marks, which will increase shipping capacity and expedite vessel transit in both directions.

The president also followed up on efforts to modernize the fishing fleet in accordance with international standards and specifications, leveraging cutting-edge technological systems.

Sisi emphasized the importance of continuing the development projects for the canal to provide the best maritime services and strengthen its role as a cornerstone of global trade.

He also instructed the ongoing modernization of the Egyptian fishing fleet to enhance this vital sector's contribution to the national economy.

The revenues of the Suez Canal have been severely impacted by disruptions in the Red Sea caused by attacks from the Yemeni Houthis on vessels linked to Israel over recent months.

The Houthis say their attacks constitute an act of solidarity with the Palestinian people since the outbreak of the Israeli war in Gaza on October 7, 2023.

Despite efforts by a United States-led naval coalition to counter these attacks, the Houthi attacks have persisted, prompting numerous ships to reroute from the Suez Canal through the significantly longer Cape of Good Hope route.