Somali Piracy May Threaten Egyptian Economy

Somali Piracy May Threaten Egyptian Economy

There is growing fear in Egypt that the increasing piracy in the Gulf of Aden between Somalia and Yemen will push more shipping companies to choose the longer route around Africa instead of going through the Suez Canal. The Suez Canal is a pillar of the Egyptian economy providing four percent of the national income and 10% of the country's foreign currency income, according to the Egyptian newspaper The Daily News Egypt.