Abdel Fattah al-Sisi, Egyptian president, said that the Red Sea events and regional challenges will cost Egypt $7 billion in revenue from the Suez Canal by 2024.

Sisi, in a statement without giving any details, said that Egypt lost 60% of its canal revenues between 2024 and 2023.

Since November, Houthi fighters have launched nearly 100 attacks against ships that cross the Red Sea in solidarity with Palestinians fighting Israel in Gaza's war of more than a year.

The attacks forced shipping companies to divert ships from the Suez Canal and take longer routes around Africa. This disrupted global trade, causing delays in deliveries and increased costs. (Reporting and writing by Mohamed Hendawy, Jana Choukeir, Editing by Andrew Heavens).

(source: Reuters)