Egypt Lost $20 Billion in Suez Canal Revenue Due to Regional Instability, Says Sisi

Egyptian President Abdel Fattah el-Sisi stated on Tuesday that Egypt has lost approximately $20 billion in Suez Canal revenues in recent years due to regional instability. He made these remarks during a meeting at the Strategic Command Headquarters in the New Administrative Capital, east of Cairo, attended by Prime Minister Mostafa Madbouly, cabinet ministers, governors, senior officials, military and police leaders, and community representatives. This was the first meeting of its kind at the headquarters since its opening last July.

Sisi emphasized the importance of "good utilization of state resources, strengthening trust in its institutions, and ensuring the security of the internal front," noting various methods used to harm the Egyptian state. He recalled that the events between 2011 and 2013 led to an economic contraction, with recovery potentially taking up to 15 years, and that the primary challenge after 2013 was preserving the state and its institutions.

He further highlighted that Egypt has faced economic shocks since 2020, including the COVID-19 pandemic, the Russia-Ukraine war, and the conflict in Gaza. Sisi reiterated that attempts to displace Palestinians from Gaza "have not and will not end." He affirmed Egypt's strategic choice for peace, stating the country has "no hidden agenda" and that the Palestinian issue remains "the central issue in the Middle East," with the two-state solution being the path to lasting peace and stability.

Sisi also touched upon Egypt's foreign policy principles, including supporting the security and stability of Gulf Arab states and maintaining freedom of navigation in maritime passages according to international law. He pointed out that tools used to harm Egypt are "numerous and varied," some operating through social media, adding that "the cheapest way to destroy any country is to try to lure its people into doing that job."

Addressing the Ethiopian Renaissance Dam issue, Sisi stressed the importance of internal cohesion, stating that Egypt is pursuing diplomatic and peaceful solutions but "not at the expense of Egypt's existence and its people." He linked the dam's construction to the period of state absence between 2011 and 2013. Egypt and Ethiopia have been in a long-standing dispute over the dam, with Cairo demanding a binding agreement on its operation to ensure its water security, while Addis Ababa believes an agreement is not necessary for operation.