ForeignCurrency EconomicWoes

Business

Houthi Attacks Lead to 40-50% Drop in Suez Canal Revenues, Says Egyptian President

Cairo: Egyptian President Abdel Fattah El-Sisi revealed that revenues from the Suez Canal have declined by 40 to 50 percent in 2023 due to attacks on shipping by Yemen’s Houthi rebels. The canal, a crucial source of foreign currency for Egypt amid a financial crisis, has been affected by Houthi attacks in the Gulf of Aden and Red Sea. The…