Egypt will launch the Suez and Red Sea Initiative to promote economic integration among Red Sea nations, Foreign Minister Badr Abdelatty announced at the fifth Aswan Forum for Sustainable Peace and Development, reports Egypt's Al-Ahram.

Mr Abdelatty said the initiative will be implemented through year-round programmes and targeted activities led by the Cairo International Center for Conflict Resolution, Peacekeeping, and Peacebuilding (CCCPA), in partnership with international and regional actors.

Several memoranda of understanding will be signed during the forum to establish new partnerships. Mr Abdelatty thanked governments, organisations and private-sector partners for their continued support.

He highlighted the significance of the African Union Commission's High-Level Annual Retreat, held for the first time immediately after the Aswan Forum. AU Deputy chairwoman Monique Nsanzabaganwa and Commissioner Bankole Adeoye are attending.

Mr Abdelatty expressed hope that holding both events back-to-back would deepen synergy between the platforms. He urged the global community to rebuild a system based on cooperation, multilateralism and respect for international norms.

He also emphasised the role of artificial intelligence in advancing peace, security and development across Africa, noting its potential in food security, irrigation and manufacturing.

Addressing regional instability, Abdelatty said Egypt lost over US$9 billion in Suez Canal revenues over the past year due to reduced maritime traffic. Vessel numbers dropped from over 72 daily to just 25-30, disrupting trade and raising costs.

Despite these challenges, he expressed optimism about restoring stability to the Red Sea and Gulf of Aden, especially following the Gaza ceasefire on 10 October. He warned against exploiting the suffering of Palestinians for political gain.

On broader continental issues, Mr Abdelatty highlighted Africa's resilience and growth potential, noting it is the only continent expected to double its population by 2050, with a rising middle class and purchasing power.