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Egyptian President Abdel-Fattah el-Sisi used the iftar meal to break his fast with senior military officers on Monday to reveal the staggering economic damage caused by the closure of the Bab el-Mandeb Strait, through which ships heading to the Suez Canal pass: $800 million per month.
Egypt, he added, is the primary loser. Commercial ships and vessels transporting weapons and spare parts through the canal are a major source of revenue for the Egyptian economy, bringing millions of dollars into the state treasury.
The harassment campaign against ships in the Red Sea began in late November 2023. Houthi operatives signaled ships to stop unexpectedly, forcing them to anchor for long periods. Some vessels had to reroute around Africa, a much longer journey that drove up commodity prices. Over time, the Houthis escalated their actions to include threats and the detention of American and British vessels. Maritime traffic through the Suez Canal, which previously carried more than 10% of global trade, has all but ground to a halt.
Sisi is holding a series of meetings with his confidant, Suez Canal Authority chairman Osama Rabie, in search of solutions. This week, the daily Al-Araby Al-Jadeed reported that Egypt is attempting to hold secret consultations with the Houthis in a neighboring Gulf emirate — possibly Oman — in an effort to lift the blockade. So far, there has been no official confirmation of the report, nor is it clear whether this is Cairo’s chosen path forward.
The situation is no longer just a confrontation between Egypt and Yemen’s opposition. It is Iranian subversion through the Houthis at Egypt’s expense.
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Cairo is quick to clarify that Egypt has no military action plan. The country still bears the scars of its disastrous involvement in Yemen’s civil war in the 1960s, which claimed the lives of more than 15,000 Egyptian soldiers. Egyptian forces fought in southern Arabia for three consecutive years — a mistake Sisi insists will not be repeated. For this reason, Egypt remains committed to pursuing diplomatic solutions.
Smadar PerryPhoto: Yairv KatzMeanwhile, Egypt’s lively television channels prefer to blame Israel, arguing that its actions sparked the Red Sea crisis. Is there a dialogue between Israeli and Egyptian military officials about the Houthi threat? It is reasonable to assume there are exchanges. However, Egyptian commentators on television are quick to emphasize that Cairo has no intention of serving Israel’s interests, nor will it assist Jerusalem and Washington in resolving the crisis at Red Sea ports.
The Suez Canal, which links the Red Sea to the Mediterranean, is the longest artificial maritime passage in the world. Any tension — whether sudden or planned — disrupts maritime traffic, which has already nearly ceased. The sharp decline in canal revenues adds to the loss of income from Egypt’s tourism and agricultural export sectors, as well as the shrinking operations of foreign businesses across the country. Moreover, the exodus of Egypt’s leading business figures to the Gulf states continues to drive poverty levels higher.