
A cargo ship sails through the town of Ismailia, Egypt. AFP
Speaking to the Al-Qahera News channel, the source described these reports as "misleading and baseless."
Israeli media reports had claimed that Egypt is preparing for a military strike against the Houthis in Yemen due to what it described as increasing pressure on Cairo to take a more active role in countering Houthi attacks.
Since the onset of the Gaza war on 7 October 2023, the Houthi group has repeatedly targeted ships linked to the US, the UK, and any entities the group deemed to be allies of Israel, citing solidarity with Gaza and pressure on Israel to end its war on the strip. These attacks, mainly near the strategic Bab El Mandeb strait in the Red Sea, forced shipping companies to bypass the Suez Canal route for South Africa's Cape of Good Hope.
Therefore, Egypt's canal revenues fell by more than 60 percent in 2024, compared to 2023, resulting in a nearly $7 billion loss due to tensions in the Red Sea.
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