Houthi maritime attacks have caused a significant loss to Egypt’s economy, with the country’s Suez Canal revenue down by over 60%, amounting to a $7 billion loss this year, President Abdel Fattah al-Sisi stated.
Since late 2023, these attacks have primarily affected shipping routes in the southern Red Sea and parts of the Gulf of Aden, disrupting Western shipping companies’ access to the vital Suez Canal. The waterway, which connects the Mediterranean Sea to the Red Sea, is crucial for global trade between Europe and Asia.
Although the Houthis have not targeted Egyptian assets directly, their actions have led to a sharp decline in traffic, straining Egypt’s foreign exchange revenues. The Suez Canal remains an essential source of income for Egypt, a country facing significant economic challenges, including a weakening currency.
Alongside maritime assaults, the Houthis have also launched drone and missile strikes against Israel, demanding a ceasefire with Hamas in Gaza.