Egypt is hiding the true figure of its revenue losses due to Houthi attacks on ships in the Red Sea and the Arabian Sea.
Dr. Rabdar Abdel Ati, the Egyptian Foreign Minister, stated today that since the beginning of the war in October 2023, his country has suffered losses worth $8 billion due to the decrease in revenue from the Suez Canal. He said this during his participation in the "Mediterranean Dialogues" forum held in Rome.
What is strange is that a few days ago, during a visit to Kuwait, the same minister stated that Egypt's losses from the Suez Canal amount to about $6 billion.
At the beginning of the crisis, Egypt tried to downplay the importance of the Houthi attacks, but as time goes by, it also understands the magnitude of the blow it has suffered and continues to suffer. Revenue from the Suez Canal is one of the leading sources of foreign exchange income for the Egyptian economy.