Monday, 25 May 2026
Egypt’s Sisi reveals $8 billion Suez Canal losses due to Red Sea attacks
President Abdel Fattah al-Sisi disclosed on Wednesday that Egypt has lost approximately $8 billion in Suez Canal revenues in recent years as a direct result of Houthi attacks on commercial shipping in the Red Sea.
The president made the announcement while attending the “fitness board” interviews (kashf heya) for candidates applying to join the Egyptian Military Academy and military colleges for the October 2025 intake at the new Administrative Capital.
During the visit, President Sisi reiterated the academy’s commitment to the most rigorous, transparent and fully computerised selection process to ensure complete equality of opportunity. He described the Military Academy as playing a vital role in “shaping the Egyptian character” and preparing youth to lead the country’s rapid modernisation.
He gave special praise to the Military Medical College, stating its curriculum, training and digitised examination system now rival the world’s top medical schools, and assured parents that standards and governance are of the highest level.
In an open dialogue with the candidates, the president discussed a wide range of national issues:
- Economic challenges and foreign reserves
- Managing internal and external debt
- Job creation for youth
- Comprehensive digital transformation across all governorates
- Integrating AI and digitisation into education to align with global job markets
- The addition of 4.5 million feddans of reclaimed land by 2026 (doubling Egypt’s cultivated area) while stressing the need for rational consumption given that 95% of the country is desert
- The upcoming Dabaa nuclear power plant, which will add 4.8 GW of electricity and boost nuclear medicine
President Sisi also addressed recent parliamentary election irregularities, describing his intervention as a “veto” against unacceptable practices, and reaffirmed his determination since 2014 to steer Egypt away from the brink it faced in 2011.
On child protection laws, he emphasised that Egypt already has sufficient legislation but the key lies in strict enforcement and raising societal awareness through families, schools, universities, mosques, churches and media.
In a separate meeting with PhD-holding preachers from the Ministry of Endowments who will join a special two-year course at the Military Academy, President Sisi said the intensive programme (10–12 hours of study daily) exceeds normal doctoral requirements and aims to produce “truly enlightened scholars” capable of combating extremism and backwardness while mastering both Arabic and foreign languages.
Reaffirming Egypt’s regional role, he stated that Cairo continues to work for stability across the region, citing its successful efforts to halt the war in Gaza as an example.
The president concluded by urging continued effort from all citizens and institutions, declaring: “Change requires conviction and persistence from everyone. With God’s help and the work of Egyptians, we will remove every obstacle in the way of progress.”