Egypt has lost an estimated $9 billion in Suez Canal revenues over the past two years, a setback President Abdel Fattah al-Sisi attributes to regional instability linked to the Israeli war in the Gaza Strip.
Speaking on Wednesday at the World Economic Forum in Davos, Sisi said the losses stemmed directly from disruptions to shipping through the Suez Canal, as ongoing conflict in the region forced vessels to alter routes or suspend transit.
“The impact has been significant,” Sisi said, noting that reduced traffic through the canal had affected one of Egypt’s most critical sources of foreign currency.
The Egyptian president reiterated his country’s role in promoting regional stability, particularly in Gaza, stressing that the Palestinian issue “tops the list of priorities in the Middle East.” He added that Egypt has consistently played a “positive role” in efforts to de-escalate tensions and support dialogue.
Addressing Egypt’s broader economic outlook, Sisi said the economy is moving “in the right direction” and encouraged foreign investors to explore opportunities in the country.
He also welcomed a recent announcement by the United States regarding the launch of the second phase of the Gaza ceasefire agreement, describing it as a step toward restoring stability in the region.
The Suez Canal, one of the world’s most strategic waterways, is a vital global trade and logistics hub. It facilitates approximately 12 percent of global maritime trade and about 30 percent of the world’s container shipping, serving as the shortest maritime route connecting Asia, Europe, and North America.
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