In a recent address in the graduation ceremony of the 2024 class of the Police Academy in Cairo, Egyptian President Abdel Fattah El-Sisi revealed that the Suez Canal has experienced a loss of over $6 billion, which accounts for 50 to 60% of its revenues over the past eight months.

This financial downturn is primarily attributed to the ongoing Israeli war on Gaza and the resultant instability in the region, which have impacted global trade routes and shipping traffic through the canal.

President Sisi highlighted the strategic importance of the Suez Canal as a vital artery for international commerce and stressed that the current geopolitical climate has created significant challenges for Egypt's economy.

The canal, which is one of the country’s main sources of foreign currency, has been severely affected by the disruptions caused by the conflict, leading to reduced shipping traffic and heightened uncertainty among shipping companies.

In his remarks, President Sisi called for national cohesion and urged the Egyptian people to remain steadfast in their values and principles during these turbulent times. He underscored the necessity of unity in facing external challenges and reaffirmed the government’s commitment to a foreign policy characterized by balance and objectivity.

“We have a responsibility to ensure that our policies reflect the interests and stability of our nation,” he stated, reflecting Egypt's long-standing approach to diplomacy in the region.