In a recent address, Egyptian President Abdel Fattah el-Sisi highlighted the dangers posed by the prolonged conflict involving Iran and its implications for global trade routes, specifically the Suez Canal. He stressed that any potential closure of the Strait of Hormuz would have direct consequences on maritime traffic, which is vital for Egypt’s national income. Sisi made these remarks during an annual Iftar hosted by the military, coinciding with the anniversary of the October War.

Sisi indicated that Egypt is closely monitoring the rapid developments in the region, particularly surrounding the Strait of Hormuz. He expressed concerns about how these developments could affect maritime navigation and energy prices. The ongoing conflict has already impacted the Suez Canal’s operations, with the president noting that since October 7, 2023, traffic has not returned to normal levels, resulting in significant financial losses for the country.

The president also revealed that revenues from the Suez Canal have drastically declined, with projections indicating a 60% drop in 2024, equating to losses of around $7 billion. This substantial decrease in revenue is attributed to the ongoing war's broader economic effects, marking a critical challenge for Egypt as it relies heavily on income generated from this crucial shipping route.