Egypt Loses $10 Billion in Suez Canal Revenue Amid Shipping Disruptions

Egypt’s President Abdel Fattah El Sisi stated that the country has lost around $10 billion in Suez Canal revenues due to ongoing disruptions linked to attacks on shipping routes near the Bab el-Mandeb Strait, amid continued regional instability.

The remarks came during a meeting in Cairo with OECD Secretary-General Mathias Cormann, attended by senior Egyptian officials and representatives from the Organisation for Economic Co-operation and Development.

During the talks, the president reaffirmed Egypt’s commitment to strengthening its partnership with the OECD, highlighting ongoing cooperation in economic reform, investment promotion, governance, and competitiveness. He emphasized that this collaboration supports Egypt’s broader development strategy and institutional reform agenda.

El Sisi also outlined efforts to expand the role of the private sector and improve the investment climate through legislative and institutional reforms aimed at attracting both local and foreign investment.

On the social front, he stressed that economic reforms have been accompanied by strong social protection measures. He pointed to large-scale housing initiatives that have benefited approximately 350,000 families, as well as healthcare programmes aimed at reducing waiting lists for critical surgeries. He also highlighted the continued rollout of national development initiatives targeting tens of millions of citizens.

Addressing external challenges, the president noted that Egypt has adopted proactive measures to manage the impact of global crises over recent years. He explained that the latest regional developments, particularly disruptions in key maritime routes, have directly affected the country’s vital Suez Canal revenues.

El Sisi further noted that Egypt is currently hosting around 10 million foreign nationals who have fled conflicts in their home countries, providing them with access to public services without political conditions.

For his part, the OECD Secretary-General praised Egypt’s role in promoting regional stability and commended its leadership in advancing cooperation within OECD frameworks, particularly through joint initiatives focused on governance and economic development in the Middle East and North Africa.