Egypt’s President Abdel Fattah El Sisi had a meeting yesterday with Chairman of the Suez Canal Authority, Lieutenant General Osama Rabie on Thursday , Presidency spokesman Ambassador Mohamed el-Shenawy said.
The meeting discussed the impact of the regional situation on Suez Canal traffic during the current year. The President was briefed on the revenues achieved by the Suez Canal in 2024, which dropped by more than 60% compared to 2023.
This decline, which means that Egypt lost nearly $7 billion, is attributed to the ongoing events in the Red Sea and Bab al-Mandab regions, which have negatively affected both navigation traffic in the canal and global trade sustainability, the Presidency Spokesman said.
He added that the meeting covered the ongoing projects to upgrading the Suez Canal to enhance its value and role in global supply chains and trade. These projects include completing the entire southern sector project, expanding the area of navigation from kilometer 132 to kilometer 162 to accommodate giant ships, and completing the full duplication of the navigation channel from kilometer 122 to kilometer 132, which will increase shipping capacity and accelerate ship movement in both directions.
The president was also briefed on the measures taken by the Suez Canal Authority to mitigate the challenges in the Red Sea and Bab al-Mandab, along with efforts to modernise the fishing fleet in line with international standards and the latest technological systems.
President Sisi directed that work continue on the canal development projects to improve navigation services and bolster the canal’s role as a key pillar in global trade.
He also stressed the importance of continuing efforts to modernise the Egyptian fishing fleet to strengthen this vital sector and support the national economy.
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