President Abdel Fattah El-Sisi confirmed that Egypt lost nearly $9 billion in revenues from the Suez Canal over the past two years. Despite this setback, El-Sisi stressed that the Egyptian economy is performing well in light of the geopolitical challenges facing the region.
The president explained that the region is going through a critical phase that requires a precise assessment of the situation to ensure the preservation of a stable state capable of facing future challenges. In the context of the current crisis, he pointed to Egypt’s ongoing efforts to halt the war in Gaza and deliver humanitarian aid, while emphasizing his keenness not to risk the lives of Egyptians in achieving these objectives.
It is noteworthy that Suez Canal revenues increased by 11% in July, recording $359 million compared to $323 million in the same month last year, according to data from the Central Agency for Public Mobilization and Statistics. The number of ships crossing the canal also rose by 0.8% to 1,055 ships compared to 1,047 ships, while total tonnage increased by 6.8% to reach 44.9 million tons compared to 42 million tons.
In his statements at the end of August, Egyptian Finance Minister Ahmed Kojak revealed that Egypt incurred losses amounting to EGP 145 billion in Suez Canal revenues during the fiscal year 2024–2025 due to Red Sea disruptions. The minister pointed out that the government managed public finances flexibly by coordinating with various bodies to address challenges and meet citizens’ needs.
Kojak also stated that real GDP growth reached 4.5% during the same fiscal year, adding that Egypt plans to issue three or four international bonds during the current financial year to strengthen its financial resources.
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