Davos: Egyptian President Abdel Fattah al-Sisi announced on Wednesday that Egypt incurred approximately $9 billion in lost revenues from the Suez Canal over a span of two years, attributing the loss to regional instability linked to the Israeli conflict in the Gaza Strip. Speaking at the World Economic Forum in Davos, which commenced on Monday in Switzerland and is set to conclude on January 23, Sisi highlighted the significant impact of the conflict on the crucial shipping route.
According to Anadolu Agency, Sisi explained that Egypt’s revenue loss stemmed from the period beginning in October 2023, when the war erupted, up until a ceasefire agreement was brokered in Sharm el-Sheikh last October. Emphasizing Egypt’s role, Sisi stated that the country has been instrumental in fostering stability in the turbulent region, particularly in Gaza, and underscored the importance of resolving the Palestinian issue, which he described as a top priority in the Middle East.
Sisi urged the need to solidify the ceasefire in Gaza and to facilitate the entry of humanitarian aid. The conflict, backed by the US and initiated by Israel in October 2023, resulted in the deaths of over 71,000 Palestinians and injuries to more than 171,000 others. Despite a ceasefire taking effect on October 10, Israel has continued to conduct daily strikes, leading to further casualties and injuries.
The humanitarian situation in Gaza remains dire, with Israel obstructing the delivery of essential supplies such as food, medicine, and shelter materials to the approximately 2.4 million Palestinians residing there, including 1.5 million displaced individuals.
Sisi expressed approval of a US announcement concerning the commencement of the second phase of the Gaza ceasefire agreement, which includes the creation of transitional governance structures, additional Israeli withdrawals, and appeals for Hamas to disarm.
In discussing wider regional developments, Sisi mentioned that Lebanon is progressing on a positive trajectory, expressing optimism for the country’s full stability and economic growth. He also reaffirmed Egypt’s policy of noninterference in the internal matters of other nations and called for the preservation of the Syrian state, advocating for inclusive dialogue and political participation.
Regarding Egypt’s economic outlook, Sisi conveyed confidence that the nation’s economy is advancing effectively and encouraged investors to consider opportunities within the country.