At the ongoing Rome MED-Mediterranean Dialogues conference, Egypt’s Foreign Minister Sameh Shoukry Abdelatty emphasized the severe economic and humanitarian toll the escalating tensions in the Red Sea are having on Egypt.
Abdelatty revealed that Egypt is currently losing over $600 million every month due to the prolonged conflict, which has been ongoing for more than a year. He pointed to a significant drop in revenues from the Suez Canal, which declined from $9.4 billion in the 2022/2023 fiscal year to $7.2 billion in 2023/2024. This decline has been attributed to regional instability, particularly attacks on ships linked to Israel, the US, and the UK near the Bab El-Mandeb Strait by the Houthi group, which claims these attacks are aimed at pressuring Israel to end its war in Gaza.
During his address, Abdelatty stressed the urgent need for a comprehensive approach to the crisis, calling for an immediate ceasefire in Gaza and Lebanon. He reiterated Egypt’s condemnation of Israeli attacks in Gaza and Lebanon, urging the international community to intervene and secure a ceasefire. Abdelatty also called for the release of captives and detainees and for the unhindered delivery of humanitarian aid to Gaza, which has been suffering under a blockade since October 2023. The blockade has severely restricted essential supplies, leaving 2.3 million people facing starvation.
In addition to humanitarian concerns, Abdelatty highlighted Egypt’s ongoing efforts to address the crisis, with Cairo set to host a ministerial conference on December 2 to strengthen the humanitarian response in Gaza. He also emphasized the importance of pursuing a political solution to the Israeli-Palestinian conflict, stressing the need for a two-state solution.
The Foreign Minister reiterated that military action alone will not bring peace or stability to Israel or the broader region, and that the key to lasting peace lies in recognizing the legitimate rights of all peoples and promoting peaceful coexistence. He concluded by reaffirming Egypt’s commitment to de-escalating tensions and working toward a peaceful resolution in the Middle East.
Abdelatty arrived in Italy earlier this week to attend the three-day conference, which serves as a platform for Mediterranean countries to discuss shared challenges and security concerns. The Foreign Minister is also scheduled to travel to Fiuggi for a G7 foreign ministers meeting, where developments in the Middle East will be discussed alongside Arab counterparts.
