By Ebi Kesiena
Egyptian President Abdel Fattah al-Sisi said on Wednesday that Egypt has lost an estimated $9 billion in direct revenues from the Suez Canal over the past two years, blaming regional instability linked to the Israeli war on the Gaza Strip.
Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Sisi said the conflict significantly disrupted shipping through the vital Suez Canal route, dealing a major blow to Egypt’s economy.
“We lost $9 billion in direct revenues as a result of these events,” Sisi said, referring to the period from October 2023, when the war began, until a ceasefire agreement was reached in Sharm el-Sheikh in October last year.
He noted that Egypt has played a positive role in efforts to promote stability in the region, particularly with regard to Gaza, and stressed that the Palestinian issue remains the top priority in the Middle East.
Sisi emphasized the need to consolidate the ceasefire in Gaza and ensure the uninterrupted delivery of humanitarian assistance to civilians.
With US support, Israel launched its military campaign on Gaza in October 2023, resulting in the deaths of more than 71,000 Palestinians and injuries to over 171,000 others. Although a ceasefire took effect on October 10, it has reportedly been violated by continued strikes, leading to further casualties.
Israel has also been accused of restricting the entry of agreed amounts of food, medical supplies, shelter materials and prefabricated housing into Gaza, home to about 2.4 million people, including roughly 1.5 million displaced residents facing severe humanitarian conditions.
Sisi welcomed a recent US announcement on the start of the second phase of the Gaza ceasefire agreement, which includes steps toward transitional governance, further Israeli withdrawals and calls for Hamas to disarm.
On wider regional issues, he said the situation in Lebanon was “moving along a new and sound path,” expressing optimism about the country’s prospects for stability and economic recovery. He also reiterated Egypt’s commitment to noninterference in the internal affairs of other states, calling for the preservation of the Syrian state and inclusive political dialogue.
Turning to Egypt’s economy, Sisi said it is progressing “in the right direction” and encouraged foreign investors to consider investing in the country.
