Arya News - Red Sea disruptions impact Egypt’s economy, with Suez Canal revenues dropping by $7bn in two years.
Egyptian President Abdel Fattah el-Sisi has backed Saudi calls for secure and unhindered navigation in the Red Sea during a meeting with Crown Prince Mohammed bin Salman in Cairo, according to a statement by the Egyptian presidency.
Sisi met the crown prince, known as MBS, on Tuesday as part of a Saudi delegation that included Foreign Minister Prince Faisal bin Farhan and other senior officials.
The statement affirmed that “relations between Egypt and Saudi Arabia can only be exemplary within the Arab framework, and that the security of Saudi Arabia and the Gulf states is an integral part of Egypt’s national security”, while also emphasising efforts to achieve a sustainable political solution to the Yemen conflict. The Saudi-backed Yemeni government has lost key territories including coastal areas vital for oil shipping to the Iran-aligned Houthis in recent days.
MBS emphasised the importance of secure navigation in both the Bab al-Mandeb Strait and the Red Sea, according to the Saudi Press Agency.
The visit by Saudi leaders comes as Yemen’s Houthi rebels have captured Mocha port and effectively control the Bab al-Mandeb Strait.
Despite Houthi assurances that maritime traffic in the Red Sea will not be affected, Saudi-linked ships have been targeted by the group in recent months.
The sharp decline in Red Sea transit affected Egypt’s economy, which relies heavily on Suez Canal tolls as a key source of foreign currency.
Egypt lost approximately $7bn between 2023 and 2024, or about 60 percent of the Suez Canal’s revenues, according to the Suez Canal Authority.
Despite Egypt’s assurances, the country has so far avoided military action to stop the Houthi disruption of tanker traffic in the Red Sea.