Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.

Egypt has tested a new 10 km section near the Suez Canal's southern end, aiming to increase the canal's capacity. Despite this, revenue from the canal has significantly decreased due to attacks by Yemen's Houthi militants on vessels in the Red Sea,

Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday. Egypt lost more than 60% of the canal's revenues in 2024 compared with 2023,

Egypt's revenues from the Suez Canal fell by more than 60 percent in 2024 compared to the previous year amid the Red Sea tensions, resulting in a loss of nearly $7 billion, a presidential statement said on Thursday.

Diverting shipping away from the Suez Canal cost Egypt nearly $7bn this year as revenues dropped by 60% year over year. The figures emerged following a meeting on Thursday between Egyptian president Abdel Fattah El-Sisi and the chairman and managing director of the Suez Canal Authority, Admiral Ossama Rabiee.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.

Egypt lost roughly $7 billion in revenues from the Suez Canal, down about 60 per cent annually, mainly as a result of attacks by Yemen's Houthis on ships in the Red Sea, Egyptian President Abdel Fattah El-Sisi said on Thursday.