During the Rome MED-Mediterranean Dialogues conference, Minister Abdelatty noted that Egypt is the country most affected by the repercussions of escalating Red Sea tensions.

He further detailed that Egypt is losing over $600 million monthly in revenues due to the prolonged war, which has been ongoing for over a year.

Egypt’s revenues from the Suez Canal declined to $7.2 billion in the fiscal year (FY) 2023/2024, down from $9.4 billion in FY2022/2023.

This decline has been largely attributed to the continued regional instability, including the repeated attacks on ships linked to Israel, the US, and the UK near the Bab El-Mandeb Strait by the Houthis.

The group claimed these attacks were meant to pressure Israel into halting its deadly war in Gaza.

FM Abdelatty also called for a comprehensive approach to the situation, which focuses on prioritizing a ceasefire in Gaza and Lebanon.

Securing ceasefire
 

Moreover, Abdelatty reiterated Egypt's condemnation of the Israeli assaults on Gaza and Lebanon, urging the international community to intervene swiftly to secure a ceasefire.

The top diplomat also emphasized Egypt's position regarding the need for an immediate ceasefire in Gaza and Lebanon, the release of captives and detainees, and the unhindered delivery of humanitarian aid.

Humanitarian response
 

Abdelatty noted that Cairo is scheduled to host a ministerial conference on 2 December to strengthen the humanitarian response in Gaza.

Since October 2023, the Israeli blockade on Gaza has severely restricted the flow of essential supplies such as food, water, and medicine, leaving 2.3 million residents on the verge of starvation.

The situation has worsened further in northern Gaza, where a complete Israeli blockade on aid since late September has exacerbated the crisis.

Additionally, Abdelatty stressed the importance of pursuing a political solution to implement the two-state solution.

Regional stability
 

FM Abdelatty also affirmed that military actions will not bring peace or stability to Israel or any other nation in the region.

He added that the only path to a lasting peace for Israel and the other nations in the region is recognizing peoples' legitimate rights, promoting peaceful coexistence, and adhering to all international laws and humanitarian regulations.

Abdelatty concluded by emphasizing Egypt's steadfast commitment to exerting all necessary efforts to de-escalate tensions and promote peace in the Middle East.

The foreign minister arrived in Italy earlier on Monday to attend the 10th edition of the three-day conference.

Rome MED-Mediterranean Dialogues conference serves as a high-level platform for northern and southern Mediterranean countries to address shared challenges and various crises threatening security while exploring potential cooperation opportunities.

Egypt's foreign minister is also scheduled to travel to the Italian city of Fiuggi to attend a G7 foreign ministers meeting, which the Italian presidency invited, to discuss developments in the Middle East alongside several Arab ministers.