Egypt Cautiously Optimistic Suez Canal Traffic Will Revive, Minister Says

By Mirette Magdy and Joumanna Bercetche

Jan 23, 2025 (Bloomberg) –Egypt is “cautiously optimistic” a ceasefire between Israel and Hamas will eventually translate into a recovery in Suez Canal revenue, which fell at least 60% due to the war, the country’s minister for foreign trade and investment said.

“It’s not going to be an immediate switchback to the Suez Canal as we envisage,” said Egypt’s Hassan El Khatib in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland on Thursday. “We will study it and we will talk to shipowners.”

Traffic through the Egyptian waterway, one of the world’s major trade routes, dwindled since Yemen’s Houthi rebels in late 2023 began targeting Red Sea shipping in solidarity with Palestinian militan…