Egypt: Houthi attacks in Red Sea cut revenues by 40 to 50 percent

Egyptian President Abdel Fattah el-Sisi said Monday that revenues from the Suez Canal had "decreased by 40 to 50 percent" as a result of Houthi attacks on the Red Sea.

The canal is one of the main sources of foreign currency for Egypt which has for many years been mired in financial turmoil.

"See what is happening at our borders," Sisi said during a conference with oil companies.

"With Gaza, you see the Suez Canal, which used to bring Egypt nearly $10 billion per year, (these revenues) have decreased by 40 to 50 percent and Egypt must continue to pay companies and partners."

Yemen's Houthis, officially named Ansar Allah, have been launching attacks in the Red Sea for several months in an attempt to disrupt shipping, in solidarity with Palestinians in Gaza being bombed by Israel.