Egypt endures $508mln loss in Suez Canal revenues amid red sea disruptions

Reuters/REUTERS

Loss in Suez Canal revenues is likely to accumulate in case tensions in the regions persist

Staff Writer, Arab Finance

February 15, 2024

PHOTO

Egypt has lost $508 million in Suez Canal revenues since the onset of the ongoing Red Sea shipping disruptions, Asharq Business reported, citing estimates from Bloomberg Intelligence.

Loss in Suez Canal revenues is likely to accumulate in case tensions in the regions persist.

However, the International Monetary Fund (IMF) will most probably intervene to alleviate the impact of the instability in the Middle East on Egypt.

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

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.