Egypt refuses to attack Houthis despite loss of revenue at Suez Canal

Egypt has categorically refused to engage in a military confrontation with Yemen’s Houthis despite the severe loss of revenue from the Suez Canal and fears of economic collapse caused by the group’s disruption of navigation in the Red Sea and the Suez Canal for the past year, the Israeli army’s media said.

In an article published yesterday, the Israel Defence magazine said Egypt shapes its decisions regarding any engagement with the Houthis on strategic considerations, concerns over regional escalation, and political ties with the Arab world, rather than its own economic interests.

The magazine noted that since October 2023, the Houthis have targeted Israel-linked ships, damaging around 100 vessels and closing off the Bab Al-Mandab Strait, causing significant disruptions to global commercial shipping routes.

The blockade has forced ships to sail around the Cape of good Hope in South Africa, extending journey times by about two weeks and resulting in increased prices in Europe, it explained.

Yet according to the magazine, despite a 40 per cent decline in revenues from the Suez Canal and a drop in income from gas exports to Europe, Egypt has refused to join the campaign to “free the shipping lanes” and has refrained from cooperating with the international coalition formed by the United States.

“It fully understands the security challenges posed by the naval blockade, but also the risks inherent in military escalation,” the article explained.

READ: Houthis targeted 193 ships linked to Tel Aviv, US, UK in the past year