Egypt highlights improved navigation security in Red Sea at Suez Canal celebration

Egypt Today

16-04-2025

CAIRO – 16 April 2025: Prime Minister Mustafa Madbouly said maritime navigation security has improved in the Red Sea in recent month in light of a halt in attacks on vessels since December, as he attended a celebration for the Suez Canal Authority (SCA) on Wednesday.
He urged foreign ambassadors present at the event, held in Ismailia, one of the Suez Canal cities located in northeastern Egypt, to communicate this positive development to their home countries and encourage the resumption of shipping traffic through the canal.
Several ministers and officials attended the 'Excellence Day' celebration alongside foreign ambassadors to learn about the efforts made over the past decade to enhance the Suez Canal.
During the celebration, Madbouly inaugurated several projects via video conference, including the opening of a center for innovation and excellence for the SCA and a new waste collection and removal service for passing ships.
The celebration also saw the addition of 23 new marine units to the canal's fleet
While addressing the assembled diplomats, Madbouly encouraged foreign ambassadors to motivate their national companies to invest in the Suez Canal Economic Zone, highlighting the benefits and incentives available to investors.
Madbouly emphasized that the Suez Canal, a vital artery for global navigation, is a source of pride for every Egyptian citizen.
He noted Egypt's historical commitment to safeguarding the canal as a symbol of national dignity and sovereignty.
The prime minister discussed recent efforts to develop the canal, particularly in relation to the doubling of the navigational channel, and emphasized the significance of the canal in light of regional developments affecting maritime security in the Red Sea.
He also explained that regional developments and their impact on navigation security in the Red Sea unequivocally confirm the importance of the Suez Canal to the world and its impact on international trade.
Red Sea tensions have erupted when Houthis of Yemen started a series of attacks on vessels linked to Israel and US warships in the Red Sea, expressing solidarity with the Palestinian people during the war that began in October 2023.
These attacks have severely disrupted maritime traffic, prompting many vessels to avoid the Suez Canal in favor of longer routes, negatively impacting Egypt's economy.
Egypt reported a monthly revenue drop of about $800 million from the Suez Canal due to the tensions in the Red Sea.
In 2024, canal revenues plummeted by over 60% compared to 2023, resulting in an estimated loss of $7 billion for the country.
The United States has conducted ongoing strikes in Yemen to deter the Houthis from targeting Israeli ships, coinciding with Israel's renewed war in Gaza since March 18.
The Israeli attacks have effectively broken a ceasefire agreement facilitated by Egypt, Qatar and the US, which had led to a temporary halt in Houthi maritime attacks.
During the event, Chairman of the SCA Osama Rabie asserted that the Suez Canal remains the shortest and safest route globally.
He reported that the highest number of vessels transiting the canal occurred in 2023, with 26,434 ships passing through, emphasizing that 90% of the world's shipping traffic relies on the canal.
REVOLUTIONIZING SUEZ CANAL
Prime Minister Madbouly underlined the unprecedented security crisis in the Red Sea with the situation posing a challenge to Egypt's interests, given that the canal is a crucial source of foreign currency.
He concluded by stating that since the onset of the war, Egypt has remained cognizant of the political and economic ramifications, opting not to take any actions that would conflict with its regional role.
Instead, the government has focused on effective measures to address the root causes of the crisis politically, while also taking steps to mitigate its economic impacts through enhanced investments, localization of heavy industries, and alignment with global trends toward clean and renewable energy, he added.
Madbouly noted that this approach has led to a fundamental transformation in the activities and services of the Suez Canal, evolving from a primarily navigational authority into a multifaceted entity offering a diverse range of maritime and logistical services.