Huthi Attacks Idle Suez Canal, Deepen Egypt's Economic Woes

Egypt took in some $9.4 billion in Suez Canal transit fees during the last fiscal year (Credit: AFP)

Attacks by Yemen's Huthi rebels in the Red Sea have caused shipping companies to avoid the Suez Canal -- a key source of revenue for Egypt as it battles a deep economic crisis.

International Monetary Fund figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year.