Iran: Mujtaba Khamenei vows to continue attacks on US bases, keep Hormuz closed
New Supreme Leader of Iran Mujtaba Khamenei vowed on Thursday to continue strikes against US military bases in the region and maintain the closure of the Strait of Hormuz, in his first message since assuming office. He further claimed the Iranian armed forces had successfully “thwarted plans to partition Iran.”Addressing neighbouring states, Khamenei said Iran shares land or sea borders with 15 countries and has always desired good relations. However, he alleged that “the enemy” has established military and financial bases in some of these countries to ensure regional hegemony. “In the recent aggression, some of those bases were used, and therefore we targeted only the bases without attacking the countries themselves,” Khamenei said. Flows through the Strait of Hormuz, which handled 20m bpd of crude and products last year, have collapsed by more than 90%.
Source:Daily News Egypt
March 13, 2026 00:44 UTC
Why Trump’s Gulf allies are resisting pressure to join the Iran war
Iran hopes that hitting Gulf states will drive them away from Washington, while the US and Israel appear to be using the Iranian attacks to pressure Arab governments to join the war. Gulf states are deeply wary of being drawn into a wider war, the long-term consequences of which they may ultimately have to manage alone. “That distrust is likely to be a barrier to Gulf states joining an offensive action,” he said. Eyad Baba/AFP/Getty ImagesSome smaller Gulf states may also be waiting to see how Saudi Arabia responds. The desert Gulf states have less than 1% of the world’s population but account for roughly half its desalination capacity.
Source:Egypt Independent
March 12, 2026 13:30 UTC
Edita Food Industries Reports Strong FY2025 Results as Net Profit Jumps 72.6%
The Egyptian snack-food producer delivered an especially strong fourth quarter. Net profit in the fourth quarter surged 178.6% year-on-year to EGP 859.4 million, with net margin reaching 13.9%, nearly double the 7.3% recorded in 4Q2024. In the fourth quarter, total tons sold increased 47.4% year-on-year to 45.5 thousand tons, while total packs rose 23.1% to 1.1 billion packs. Net export sales reached EGP 1.96 billion in FY2025, accounting for 9.5% of total revenues. In the fourth quarter alone, exports rose 45.3% year-on-year to EGP 649 million, representing 10.6% of total revenues.
Source:Daily News Egypt
March 12, 2026 12:09 UTC
Hezbollah launches 100-rocket barrage at Northern Israel
The Israeli Army Radio reported Wednesday evening that Hezbollah launched a massive, single-wave barrage of approximately 100 rockets targeting multiple areas across Northern Israel. According to Israel’s Channel 12, the launches originated from several locations within Lebanon. Reports indicated that a fire broke out in a building near Karmiel due to falling rocket shrapnel, with other northern sites reporting similar debris impacts. Shortly after the Hezbollah barrage, additional sirens sounded across the north following a secondary wave of missile launches originating directly from Iran. Tehran swiftly retaliated against the offensive by targeting American interests across the Middle East and executing wide-scale strikes on Israel.
Source:Egypt Independent
March 12, 2026 10:03 UTC
Fog and dust storms forecast as temperatures fluctuate across Egypt
The outlook indicates chilly conditions in the early morning, transitioning to warm daytime temperatures across most regions. While Southern Upper Egypt will experience hot afternoon weather, cold temperatures will return nationwide at night. Weather maps indicate morning mist and fog across Northern Egypt, extending to Greater Cairo, the Suez Canal cities, Northern Upper Egypt, and Central Sinai. Satellite imagery has detected wind activity across the North Coast, the Delta, and Greater Cairo, which may stir up sand and dust in parts of the Western Desert. There will be chances of light rain in parts of the Western Desert and Northern Upper Egypt, with a slight possibility of scattered showers reaching Greater Cairo.
Source:Egypt Independent
March 12, 2026 09:40 UTC
Hezbollah launches major offensive following Israel’s ground incursion
Hezbollah announced on Wednesday evening the launch of its “Operation Al-Asf al-Makoul” against Israel, according to reports by Al Jazeera, signifying a major escalation of regional hostilities. The announcement follows a series of recent strikes by the Iranian-aligned group on military sites in Northern Israel. Hezbollah stated these actions are a direct response to Israel’s persistent violations of the November 2024 ceasefire agreement and the assassination of Iranian Supreme Leader Ali Khamenei. These strikes coincide with the commencement of what the Israeli military described as a “limited ground incursion” into Southern Lebanon on Tuesday. This flare-up is part of a broader conflict that erupted on February 28, when the administration of US President Donald Trump and Israel launched a massive military operation against Iran.
Source:Egypt Independent
March 12, 2026 09:05 UTC
Abdelatty chairs inter-ministerial meeting to resolve Egyptian expat concerns
Education: Facilitating the equivalency of foreign certificates and maintaining flexible quotas for the admission of students from abroad into Egyptian universities to account for varying international curricula. Facilitating the equivalency of foreign certificates and maintaining flexible quotas for the admission of students from abroad into Egyptian universities to account for varying international curricula. In a separate bilateral meeting held the same day, Abdelatty received Konsowa to specifically discuss international cooperation in higher education and scientific research. He also outlined plans to increase the number of international students studying in Egypt and to improve the efficiency of teaching staff. Both ministers emphasised the importance of leveraging the expertise of Egyptian scholars abroad to support the nation’s broader development goals.
Source:Daily News Egypt
March 12, 2026 05:39 UTC
CI Capital, TMG launch EGP 8bn real estate investment fund targeting Madinaty
CI Capital Holding, through its subsidiary CI Capital PE for Fund Management and Investment (CIPE), has partnered with Talaat Moustafa Group (TMG) to launch a new real estate investment fund under the name Awaed Real Estate Fund, with a target size of EGP 8bn. In its capacity as fund manager, CI Capital PE will oversee the overall management of the fund, including leading the contracting process with various service providers. It has also been agreed that one of Talaat Moustafa Group’s subsidiaries will undertake the development and sale of the real estate assets acquired by the fund. Meanwhile, CI Capital for Promotion and Underwriting in Securities acted as the sole transaction coordinator, subscription bookrunner and lead financial adviser for the fund. The company also served as the exclusive financial adviser to Talaat Moustafa Group in the transaction.
Source:Daily News Egypt
March 11, 2026 18:44 UTC
Egypt’s planning, housing ministers review investment plan through 2030
Egypt’s Minister of Planning and Economic Development, Ahmed Rostom, and Minister of Housing, Utilities and Urban Communities, Randa El-Menshawy, held an expanded meeting to review the outlines of the investment plan for fiscal year 2026/2027 and the medium-term investment strategy for 2026-2030. During the meeting, the two sides also reviewed the main pillars of the housing ministry’s investment plan, with a focus on priority projects aimed at improving citizens’ living standards. These include the presidential initiative Decent Life, as well as social and middle-income housing programmes and integrated urban development projects. At the conclusion of the meeting, both ministers emphasised the importance of continued coordination between the ministries in the coming period to follow up on the implementation of projects included in the investment plan. The cooperation aims to support the state’s efforts to develop infrastructure, advance urban development and achieve sustainable development goals.
Source:Daily News Egypt
March 11, 2026 18:41 UTC
Egypt’s petroleum minister reviews nationwide airborne minerals survey
Egypt’s Petroleum and Mineral Resources Minister Karim Badawi held a meeting with the board of the Mineral Resources and Mining Industries Authority, chaired by Yasser Ramadan, to review ongoing work plans following the authority’s transformation into an economic body, a move aimed at strengthening the mining sector and gradually increasing its contribution to national output. During the meeting, the minister and the authority’s board discussed several key issues, most notably the mechanism for implementing a comprehensive airborne geophysical survey of Egypt’s mineral resources during the current year. They also reviewed progress on launching an integrated digital portal for mining investment in Egypt. At the start of the meeting, Badawi welcomed the cabinet’s approval for the authority to contract X-Calibur to carry out the nationwide airborne geophysical survey covering different parts of the country. He said the project represents one of the most important initiatives the authority will implement in 2026, describing it as a fundamental step toward identifying critical minerals and rare elements needed for various industries.
Source:Daily News Egypt
March 11, 2026 18:41 UTC
Egypt’s investment minister meets sugar producers to review market conditions, boost investment
Mohamed Farid Saleh, Minister of Investment and Foreign Trade, held a meeting with officials from sugar production companies in Egypt to review current market conditions. The discussions also focused on strengthening the balance between domestic production and consumption and developing balanced mechanisms for import and export through appropriate trade policy tools. Participants included Shehab Marzban, Chairperson of Eastern Sugar Company; Kamel Abdallah, Chairperson of Canal Sugar Company; Emad Farid, Chairperson of Nile Sugar Company; and Mahmoud Fouda, Chairperson of Savola. Farid stressed that market stability begins with regulating import and export mechanisms, while continuing to support and localise existing industries. They also stressed the importance of continued coordination between the ministry and the private sector to strengthen production sustainability and maintain balance in the domestic market.
Source:Daily News Egypt
March 11, 2026 18:41 UTC
Egypt’s Chambers of Commerce hold emergency meeting to assess impact of regional crisis
The Federation of Egyptian Chambers of Commerce (FEDCOC) held an emergency meeting of its High Committee for Crisis Operations to assess the potential economic repercussions of escalating geopolitical tensions linked to the military confrontation between the United States and Iran. Discussions focused on evaluating the potential impact of the evolving situation on trade flows, local markets, supply chains, and key macroeconomic indicators in Egypt. Participants stressed that the Egyptian economy possesses a degree of resilience in dealing with external shocks under current economic policies. In terms of trade policy, the committee recommended maintaining current export and import policies without restrictions, noting that the current exchange rate level provides additional support for Egyptian exports. The meeting will discuss the economic implications of the crisis and propose mechanisms to address them.
Source:Daily News Egypt
March 11, 2026 18:40 UTC
Regional tensions escalate as Iran threatens to restrict shipping through Hormuz
Military and political tensions across the Middle East intensified on Wednesday as Iran issued new warnings over shipping in the Strait of Hormuz while missile and drone attacks spread across several countries in the region. Zolfaghari said Iran was moving away from a policy of “reciprocal strikes” toward what he described as “successive strikes”. In a separate statement, the Guards said the conflict would continue until what they described as the “shadow of war” was lifted from Iran. In the eastern Mediterranean, Italy said it had deployed the frigate Federico Martinengo, carrying more than 160 personnel, to waters near Cyprus to help protect the island from potential Iranian attacks. He said field reports indicated extensive destruction caused by Iranian missiles and growing pressure on Israeli air defense systems.
Source:Daily News Egypt
March 11, 2026 18:10 UTC
IEA to release record 400 million barrels of oil to counter Middle East war impact
The International Energy Agency (IEA) has agreed to release 400 million barrels of emergency oil reserves in its largest collective drawdown on record, as governments move to contain a surge in energy prices fuelled by war in the Middle East. The 400m barrel release significantly exceeds the 182.7 million barrels deployed in 2022 following the invasion of Ukraine. While the 2022 action aimed to release 2 million barrels per day (bpd), analysts suggest the potential supply losses from the current crisis could be far greater. Individually, Saudi Arabia has cut production by between 2 million and 2.5 million bpd, while Iraq’s reduction of 2.9 million bpd marks the largest cut on a relative basis. The US Strategic Petroleum Reserve (SPR) currently holds approximately 415 million barrels, just over half its total capacity.
Source:Daily News Egypt
March 11, 2026 18:10 UTC
Egypt aims to boost oil, gas output with horizontal drilling, fracking
Egypt is seeking to increase oil and natural gas production by expanding the use of horizontal drilling and hydraulic fracturing technologies, the presidency said after a meeting chaired by President Abdel Fattah Al-Sisi. The meeting reviewed ongoing efforts to expand the use of advanced drilling techniques to access oil and gas reserves that are difficult to extract using conventional methods. Badawi said the petroleum sector is accelerating the deployment of horizontal drilling and hydraulic fracturing technologies to achieve a significant increase in crude oil and natural gas output. The meeting also reviewed a planned aerial survey programme for mineral resources aimed at boosting investment in Egypt’s mining sector. Al-Sisi emphasised the importance of timely payments to international oil companies to encourage further exploration and production activity.
Source:Daily News Egypt
March 11, 2026 18:10 UTC