Egypt announces that it has incurred $6 billion due to Houthi attacks in the Red Sea and Bab al-Mandab

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.

This came during a meeting between Egyptian Foreign Minister Badr Abdel Aati and Secretary-General of the International Maritime Organization Arsenio Dominguez on Friday, according to a statement by the Egyptian Foreign Ministry on its Facebook account.

The ministry stated that the meeting reviewed the repercussions of the Houthi attacks on commercial ships passing through Bab al-Mandab and the southern Red Sea, and their negative impact on Egyptian interests.

Abdel-Ati said that the repercussions of these attacks cost the Egyptian economy huge losses in Suez Canal revenues estimated at about $6 billion.

The day before yesterday, Maersk Shipping Company ruled out the return of sailing in the Suez Canal until 2025, in light of the threats associated with attacks launched by the terrorist Houthi militia on ships in the Red Sea.

“There is no sign of de-escalation and it is not safe for our ships or our personnel to go there,” said Maersk CEO Vincent Clerc. “Our expectation at this stage is that this will continue into 2025.”

Clerc expects the demand for freight shipping to continue to rise globally in the coming months, according to Reuters.

Since last November, the Iran-backed Houthi militia has been launching drone and missile attacks on cargo ships sailing in the Red Sea, Bab al-Mandab and the Gulf of Aden off the coast of Yemen, saying it is in support of Gaza, which has been subjected to a devastating Israeli war since October 7.

These attacks negatively affected shipping, trade and global supply chains, as many companies resorted to longer routes for safety, and also harmed the economies of the Red Sea countries, especially Egypt.