The direct impact of the war in Gaza on Egypt is mostly reflected in a 55% to 60% decline in the Suez Canal traffic, International Monetary Fund's (IMF) Managing Director Kristalina Georgieva told Asharq Business.

She added that Egypt’s stability is important for the Middle East and the huge UAE deal “is a very positive sign.”

On February 3rd, Chairman of the Suez Canal Authority (SCA) Osama Rabie unveiled that the canal saw its receipts fall by 46.7% year on year (YoY) to $428 million in January.

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