Egyptian President Abdel-Fattah al-Sisi said Thursday that the Suez Canal revenues fell more than 60 percent year-on-year in 2024 amid regional challenges, according to a statement by the Egyptian presidency office.

Egypt lost around 7 billion U.S. dollars of the canal's revenues in 2024, amid current events in the Red Sea and the Bab al-Mandab Strait region, which negatively impacted the canal's navigation traffic and the sustainability of world trade, al-Sisi said in a meeting with Osama Rabie, chairman of the Suez Canal Authority (SCA).

The Egyptian president instructed the SCA to continue working on the projects of developing the canal, providing the best navigation services, and promoting the canal's role as an essential pillar for world trade traffic, the statement showed.

The Suez Canal remains a strategic waterway, and a cornerstone of Egypt's economy, which is grappling with persistent economic woes.

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