A military website specializing in conflicts and defense industries revealed that Egypt is making arrangements to launch air strikes on targets belonging to the Iranian-backed Houthi militia in Yemen, in light of the continued damage to its national economy as a result of the naval attacks launched by the Houthi militia on cargo ships in the Red Sea.

Egypt announced a loss of nearly $7 billion in Suez Canal revenues during the current year, affected by the events taking place in the Red Sea and Bab al-Mandab, in reference to the attacks launched by the Iranian-backed Houthi militia on international shipping vessels.

Egypt may be the most affected by the current escalation in the Red Sea, Egyptian Foreign Minister Badr Abdel Aty said on Sunday.

Egypt announced that its economy has suffered about $6 billion due to the repercussions of the attacks launched by the terrorist Houthi militia on cargo ships in the Red Sea and Bab al-Mandab for about a month.

Danish shipping group A.P. Moller-Maersk said on Thursday it expects strong demand for cargo shipping around the world to continue in the coming months, although it does not expect sailings through the Suez Canal to resume until 2025.

Major shipping companies, such as Hapag-Lloyd and Maersk, have stopped using routes through the Red Sea and the Suez Canal since last November, due to the Houthi group targeting ships, which disrupted global trade.