Egypt reports $6B loss from Houthi attacks on commercial shipping

CAIRO : Egyptian Foreign Minister Badr Abdel Aati announced that Houthi attacks on commercial vessels transiting through the Bab al-Mandeb Strait and the southern Red Sea have inflicted severe economic losses on Egypt.

In a meeting with Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO), Abdel Aati detailed the ramifications of these attacks, particularly impacting revenues from the Suez Canal, which are estimated to be around $6 billion.

Since November 2023, the Houthi group has escalated assaults on vessels they allege are linked to Israel in the Red Sea, claiming their actions are in solidarity with Gaza. Their operations have extended to targeting American and British ships in response to military actions undertaken by these nations in Yemen.

The ongoing attacks have disrupted international shipping through the region, which previously accounted for approximately $1 trillion in goods annually.

Despite continued airstrikes by the United States and the United Kingdom against Houthi-controlled sites in Yemen, the group has not ceased its maritime aggressions.

Since the onset of the Gaza conflict in October last year, the Houthis have targeted over 90 merchant vessels with missiles and drones and have reportedly shot down multiple American MQ-9 Reaper drones.