CAIRO, December 27. /TASS/. Egypt lost more than 60% of Suez Canal revenues, which stood at about $7 bln, in the outgoing year, Chairman and Managing Director of the Suez Canal Authority Osama Rabie said at the meeting with President of Egypt Abdel Fattah El-Sisi.

Rabie informed the head of state that profits from Suez Canal operations declined by more than 60% annually in 2024 amid "current developments in the Red Sea and in the area of the Bab-el-Mandeb Strait in particular, presidential spokesman Mohamed El-Shenawy said. According to the Rabie’s assessment, the crisis in the Red Sea "adversely affected shipping volumes in the canal and stability of the entire global trade."

Earnings from the canal operation are one of main revenue items of the Egyptian budget.