During a call with his Iranian counterpart, the Egyptian Foreign Minister stressed the need to protect freedom of navigation in the Red Sea.

Egyptian Foreign Minister Badr Abdel Aty stressed the need to protect freedom of navigation in the Red Sea, as the Iran-backed Houthi militia resumes its naval attacks, coinciding with extensive US attacks on the militia's positions in Yemen.

This came during a phone call between Abdel-Ati and his Iranian counterpart, Abbas Araghchi, to discuss developments in the Red Sea, according to a statement by the Egyptian Foreign Ministry on Saturday.

The Egyptian Foreign Minister stressed the "need to protect freedom of navigation in the Red Sea," and pointed to the "huge losses his country's economy is incurring as a result of declining Suez Canal revenues and the unstable situation in the region."

Last Monday evening, Egyptian President Abdel Fattah el-Sisi announced that his country "is incurring monthly losses estimated at approximately $800 million in Suez Canal revenue due to the situation in the region."

Late last year, Egypt announced a loss of nearly $7 billion in Suez Canal revenues this year, due to the impact of events in the Red Sea and Bab al-Mandab Strait, a reference to attacks launched by the Iranian-backed Houthi militia on international shipping vessels.

Since November 2023, 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. The Houthis claim this is in support of Gaza, which has been subjected to an Israeli war of extermination since October 7, 2023.

These attacks negatively impacted shipping, trade, and global supply chains, forcing many companies to take longer routes for safety. They also harmed the economies of countries bordering the Red Sea, particularly Egypt.