Barran Press
CAIRO, Egypt — Egypt has officially denied any preparations for military intervention in Yemen against the Houthi group, which is internationally classified as a terrorist organization.
A responsible Egyptian source, as reported by "Cairo News," described recent claims regarding Egypt's military intentions as "misleading" and lacking any basis in fact.
Israeli reports had alleged that Egypt was readying air strikes against the Houthis following significant economic losses attributed to rising threats against the Suez Canal, a vital artery for global trade. The reports suggested that Egypt had expressed an increasing desire to play an active role in the Yemeni conflict, with preparations for air operations targeting the Houthis, who have raised concerns about maritime safety in the Red Sea.
Since late November 2023, global shipping companies have altered their routes to avoid the Red Sea due to ongoing Houthi attacks on vessels transiting through the strategic waterway.
Egypt has previously indicated that regional tensions have impacted navigation through the Suez Canal. The Suez Canal Authority announced "flexible policies" to mitigate the impact of Red Sea tensions on revenue.
According to official statements made in October, revenues from the Suez Canal declined from $9.4 billion during the fiscal year 2022-2023 to $7.2 billion in 2023-2024 (with the dollar equating to 50.7 Egyptian pounds in local banks).
The Suez Canal is a crucial source of hard currency for Egypt, and the World Bank had predicted back in April that the ongoing crisis could lead to losses of approximately $3.5 billion in dollar revenues for Egypt, equivalent to 10% of the country's net foreign reserves.