In a statement published on Thursday, Saudi Arabia’s Ministry of Defence said the Multinational Maritime Defense Alliance was established as a framework to strengthen collective maritime defence cooperation. The virtual closure of the route, which formerly carried about 20 percent of global oil and gas exports, is weighing heavily on the global economy. The Houthi rebel group in Yemen imposed a maritime blockade on Saudi Arabia last week, disrupting oil shipments diverted to the Red Sea. That gives the armed group a strategic advantage to target ships in the Red Sea. It is also one of only two exit-entry points to the Red Sea, the other being the Suez Canal.