CAIRO – 23 March 2025: Foreign Minister Badr Abdelatty stressed the need to protect freedom of navigation in the Red Sea during a phone call with his Iranian counterpart Abbas Araghchi, on Saturday.
Abdelatty highlighted the significant losses incurred by the Egyptian economy due to declining revenues from the Suez Canal and ongoing regional instability, according to a statement from the Egyptian foreign ministry.
The conversation addressed the escalating developments in the region and the necessity of containing tensions in Gaza, Lebanon, and Yemen.
Abdelatty stressed the importance of exercising restraint during this critical period and avoiding actions that could further inflame the already tense situation.
He underscored the need to restore regional calm to prevent a cycle of violence and escalation.
Egypt has reported a decline of around $800 million per month in Suez Canal revenues due to tensions related to Yemen’s Houthis targeting Israel-linked ships in the Red Sea in light of the ongoing war in Gaza.
In 2024, canal revenues fell by over 60% compared to 2023, resulting in an estimated loss of nearly $7 billion for the nation.
Earlier in March, the Houthis announced the resumption of attacks on Israeli ships after their deadline for Israel to allow renewed aid deliveries into Gaza expired.
The movement has executed numerous attacks on vessels linked to Israel and US warships in solidarity with the Palestinian people amid the Israeli war persisting since October 7, 2023.
Adding to regional tensions, the US has conducted a series of airstrikes on various Yemeni cities, killing dozens and marking the largest US assault on the country since President Donald Trump took office in January.
Earlier this week, Israeli forces also launched artillery fire and airstrikes on southern Lebanon after intercepting rockets fired from across the border, aimed at the town of Metula. The cross-border strikes threaten a ceasefire between Israel and Lebanon that followed a year of fighting between Israel and Hezbollah.
These incidents have escalated following the resumption of the Israeli war in Gaza, which has killed over 600 people in recent days, predominantly women and children, disrupting a ceasefire that had lasted nearly two months.
Both Hezbollah in Lebanon and the Houthis in Yemen have launched multiple attacks on Israel in solidarity with the Palestinian people since the outbreak of the war.
Sun, Mar. 23, 2025
