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Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says

Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says
The Suez Canal is a vital shipping route. Shutterstock
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Updated 18 March 2025

Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says

Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says

CAIRO: Egypt’s President Abdel Fattah El-Sisi has announced that the monthly losses of the Suez Canal revenues reached around $800 million due to the regional “situation,” as Yemen’s Houthis have been attacking vessels in the Red Sea.

The Iran-backed Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.

The Egyptian presidency statement did not directly refer to the Houthis, but El-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.

The Yemeni group recently vowed to resume attacking US vessels in the Red Sea, in response to deadly US strikes on Yemen that killed at least 53 people on Saturday, in the biggest US military operation in the Middle East since President Donald Trump took office in January.

They also said last week they would resume attacks on Israeli ships passing through the Red Sea if Israel did not lift a block on aid entering Gaza.


After luxury push, ֱ targets broader tourist market, minister says

After luxury push, ֱ targets broader tourist market, minister says
Updated 08 November 2025

After luxury push, ֱ targets broader tourist market, minister says

After luxury push, ֱ targets broader tourist market, minister says
  • ֱ is looking to encourage people in the region to come to the kingdom, including via a plan to create a Schengen-style visa for Gulf Cooperation Council countries

RIYADH: ֱ is building up its mid- and upper-mid-range tourism options and plans to increase access to hotel accommodation for religious pilgrimages after years focused on developing expensive luxury resorts, the kingdom’s tourism minister said.
“We started with building luxury destinations for luxury travelers. And we have already started building destinations for the middle class and upper middle class,” Saudi Tourism Minister Ahmed Al-Khateeb told Reuters.
“We will not ignore this segment,” he said on the sidelines of the UN’s yearly tourism conference, being hosted in Riyadh for the first time.
Attracting tourists is a central pillar of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the kingdom’s economy away from oil and transform society in the once-ultra conservative kingdom.
Under the plan, ֱ aims to attract 150 million tourists per year by 2030, at least a third of them from abroad.
With flagship Red Sea coast resorts running at around $2,000 per night, few mid-income travelers currently have hotel options.
Khateeb said 10 new resorts due to open in the coming months on the Red Sea’s Shebara Island would offer a “much lower price point” than existing options, without providing figures.
Religious tourism remains at the core of ֱ’s economic plans.
Khateeb said ֱ planned to nearly double the number coming to the kingdom for pilgrimage to the holy cities of Makkah and Medina to 30 million by 2030, enabled by tens of thousands of new hotel rooms.
ֱ is looking to encourage people in the region to come to the kingdom, including via a plan to create a Schengen-style visa for Gulf Cooperation Council countries.
Khateeb said that should become available “in 2026, maximum 2027.”