In a critical meeting on the sidelines of the 33rd Arab Summit in Bahrain, President of the Presidential Leadership Council Rashid al-Alaimi and Egyptian President Abdel Fattah al-Sisi joined forces to tackle the escalating Red Sea crisis. The two leaders emphasized the urgent need for regional cooperation to mitigate the devastating impact of Houthi attacks on maritime navigation and stability.

The Houthi group, designated as a terrorist organization by the international community, has been wreaking havoc on commercial cargo ships in the Red Sea since November 2023. This has led to a staggering 66% decline in shipping traffic in the Suez Canal, a vital artery for global trade.

Egypt, one of the hardest-hit countries, is facing a 22.7% decline in Suez Canal revenues, with the International Monetary Fund projecting a drop to $6.8 billion in the current fiscal year. The fund added in a blog post on its "X" platform, monitored by "Barran Press" editor, that "the decline in shipping traffic in the canal has exacerbated disruptions to global trade."The canal's transit fees have also plummeted by 50.7% since the beginning of 2024.

In a show of solidarity, President Sisi reaffirmed Egypt's unwavering commitment to Yemen's unity and stability, underscoring the importance of regional cooperation to contain the crisis. The Egyptian leader also reiterated Egypt's support for all regional and international efforts aimed at a political solution to the Yemeni crisis.

As the Red Sea crisis deepens, the meeting between al-Alaimi and Sisi marks a crucial step towards bolstering regional cooperation and addressing the far-reaching implications of the Houthi attacks on global trade and security.