Egypt, Saudi leaders meet as Yemen's Houthis threaten Red Sea shipping

Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah al-Sisi called for freedom of navigation in the Red Sea during talks in Cairo on Tuesday as a lightning offensive by Yemen's Houthis threatens to cause fresh disruption in the vital shipping corridor.

The Iran-backed group has effectively taken control of the Bab al-Mandeb strait after seizing control of Yemen's Red Sea coast, threatening Saudi oil exports and Egypt's revenues from the Suez Canal.

During Tuesday's talks, the two leaders "emphasised the importance of ensuring the freedom and security of maritime navigation" through the straits of Hormuz and Bab al-Mandeb, the presidency said in a statement.

Al-Sisi also reaffirmed Egypt's support for measures taken by Riyadh "to protect its security and stability", it said.

Bin Salman travelled to the Egyptian capital on Tuesday on what Saudi media called a "working visit".

Saudi Arabia has become heavily reliant on the Red Sea to export oil since the US-Israeli war on Iran shuttered the Strait of Hormuz.

The Houthis' takeover of the Bab al-Mandeb - the southern gateway to the Red Sea and the Suez Canal – coincided with a drone attack on Saudi Arabia's East-West oil pipeline, which the country has used to ship crude to the Red Sea port of Yanbu and bypass Hormuz.

Since the Houthis declared a naval blockade on Saudi Arabia in July, the kingdom has routed oil to the Mediterranean via Egypt's overland Sumed pipeline. Crude is shipped from Yanbu to Egypt's Ain Sokhna, where it is transported via pipeline to the eastern Mediterranean at Sidi Kerir.

The attack, which Saudi authorities said was launched from Iraq, has taken the East-West pipeline offline, forcing the kingdom to now rely exclusively on covert shipments through Hormuz assisted by the US military.

Disruption in the Red Sea could also have a major impact on Egypt, which is reliant on ships transiting the Suez Canal for foreign currency revenues.

Foreign Minister Badr Abdel Aty said last week Egypt has lost almost $11 billion in revenues due to the disruption.

Houthi attacks against Saudi Arabia have raised speculation about whether the kingdom may ask Pakistan and Turkey to intervene under their recently signed mutual defence pact.

The Mecca Joint Defence Agreement includes a provision similar to NATO's Article 5 that treats an attack against one of the countries as an attack against all.

Egypt has coordinated closely with the three countries over regional issues in recent months but has stopped short of joining the alliance.