Egypt: Suez Canal Revenues Decline by 50 Percent

Egyptian Minister of Planning and Economic Development Hala El-Said revealed today, Sunday, that Suez Canal revenues have decreased by 50 percent. The minister added during a special meeting of the World Economic Forum in Saudi Arabia that the decline has occurred due to disruptions in shipping movement resulting from events in the Red Sea. Egyptian President Abdel Fattah el-Sisi stated in February that revenues from the Suez Canal, the global shipping lane, had dropped "by between 40 and 50 percent" due to the events in the Red Sea.