Egypt president says Houthi shipping attacks cut Suez Canal revenue by 40-50 percent

Egyptian President Abdel Fattah al-Sisi said Monday that revenues from the Suez Canal had “decreased by 40 to 50 percent” so far this year due to attacks on shipping by Yemen’s Iran-backed Houthi militia.

The canal is one of the main sources of foreign currency for Egypt which is gripped by a severe financial crisis.

Since November, the Houthis have launched numerous attacks on vessels in the Gulf of Aden and Red Sea, which the group says are aimed at ships with links to Israel in solidarity with the Palestinians in the war-torn Gaza Strip.