Egypt Daily News – Egypt’s Foreign Minister Badr Abdel Ati stated that his country’s economy is suffering “significant losses” due to the decline in Suez Canal revenues, emphasizing the need to protect freedom of navigation in the Red Sea.
His remarks came during a phone call with his Iranian counterpart, Abbas Araghchi, on Saturday, according to a statement from the Egyptian Foreign Ministry. The statement noted that both sides discussed “the rapidly evolving developments in the region and the necessity of containing the escalation, whether in Gaza, Lebanon, or Yemen.”
Egypt’s Foreign Minister stressed “the importance of exercising restraint during this critical phase the region is going through and avoiding any actions that could further fuel the already tense situation.”
He also emphasized “the need to safeguard freedom of navigation in the Red Sea,” highlighting “the significant losses the Egyptian economy is incurring due to the drop in Suez Canal revenues and the instability in the region,” according to the statement. President Abdel Fattah El-Sisi estimated these losses at approximately $800 million, as he mentioned last Monday during the “annual iftar ceremony” of the Egyptian Armed Forces.
The United States has been carrying out airstrikes in Yemen since last weekend, under orders from President Donald Trump. Meanwhile, the Iran-backed Houthi group in Yemen announced attacks on U.S. forces stationed in the Red Sea, though it remains unclear if any damage was inflicted.
Additionally, Abdel Ati called for the reinforcement of the ceasefire agreement in Gaza, which had lasted for two months, after Israel resumed its airstrikes on the region last Tuesday.
Israeli Prime Minister Benjamin Netanyahu had pledged to use “increasing military force” against Hamas.
