Egypt Reaffirms Solidarity With Gulf States Against Iranian Attacks

Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
TT

Egypt Reaffirms Solidarity With Gulf States Against Iranian Attacks

Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout

Egypt renewed its solidarity with Gulf states in the face of repeated Iranian attacks as President Abdel Fattah al-Sisi made another Gulf tour on Tuesday, visiting Qatar and Bahrain.

Sisi said Egypt was making intensive efforts to preserve regional stability and reduce the current tensions and escalation, stressing the importance of resolving crises through peaceful means.

Sisi visited Bahrain on Tuesday, where he was received upon arrival in Manama by King Hamad bin Isa Al Khalifa and members of the Egyptian embassy.

The Egyptian president reiterated his country’s support for the security and stability of Bahrain and condemned what he described as unjustified attacks on the kingdom’s territory.

He said the attacks represented a flagrant violation of international law and a dangerous escalation threatening regional security and stability.

Egyptian presidential spokesperson Mohamed el-Shennawy said Sisi had renewed Egypt’s rejection of any attempt to undermine the security and stability of Bahrain, Gulf Cooperation Council states or other Arab countries.

Sisi affirmed Egypt’s full solidarity with those countries and said Cairo stood beside them in any measures they took to safeguard their sovereignty and protect their peoples’ resources.

“The security of Arab states is an extension of Egyptian national security,” he said.

During the visit, Sisi praised what he described as Bahrain’s wisdom under the leadership of King Hamad bin Isa in working to preserve regional stability.

The Bahraini king welcomed Sisi to what he called his second home and expressed appreciation for Egypt’s support for Bahrain and the close fraternal relations between the two countries.

He also praised Egypt’s support for the security and stability of GCC and Arab states, stressing the need for continued close consultation and coordination between Bahrain and Egypt to preserve regional peace and stability and confront common challenges.

The two leaders discussed ways to continue joint efforts to reduce regional tensions and restore stability.

Doha visit

Sisi also visited Doha on Tuesday and met Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, offering his condolences over the death of Sheikh Hamad bin Khalifa.

Sisi prayed that Qatar would be protected from harm and continue to enjoy security, stability and prosperity under Sheikh Tamim’s leadership.

The Qatari emir expressed his deep appreciation for Sisi’s visit and condolences, highlighting the close ties between Egypt and Qatar and the historic bonds between their peoples.

He said he hoped the Egyptian and Qatari sides would continue working to develop their relations and expand cooperation in the coming period.

The Egyptian president has held several calls with Gulf leaders since the Iran war began on Feb. 28, during which he affirmed Egypt’s readiness to provide all possible forms of support to safeguard the security of the Gulf and the wider region.

Sisi visited Saudi Arabia and Bahrain in March to express solidarity and condemn Iranian attacks against Arab states.

He also made a Gulf tour that month that included the United Arab Emirates and Qatar, during which he reiterated the need for an immediate end to the escalation and a return to serious dialogue and diplomatic means to resolve outstanding regional disputes.

In a related development, Egypt on Tuesday strongly condemned missile attacks targeting Saudi Arabia, saying they represented a dangerous escalation that threatened the kingdom’s security and territorial integrity and undermined efforts to reduce tensions and maintain regional security and stability.

In a statement, the Egyptian Foreign Ministry said it completely rejected all attacks targeting the security and sovereignty of Saudi Arabia or threatening the security and stability of countries in the region.

It renewed Egypt’s full solidarity with the kingdom and said Cairo stood beside Riyadh in confronting any threat to its security or territorial integrity.

Foreign Ministry condemnations

In separate statements issued on Sunday, the Egyptian Foreign Ministry condemned Iranian attacks involving missiles and drones that targeted Oman, Jordan, Kuwait, Bahrain, Qatar and the United Arab Emirates.

Cairo described the attacks as a dangerous development that violated the sovereignty of Arab and Gulf states and further heightened regional tensions.

It stressed the need to prioritize political solutions and comply with international law in a manner that preserved regional security and stability.

Egypt also condemned on Tuesday the targeting of two Emirati oil tankers as they passed through the Strait of Hormuz.

It described the incident as a serious violation of international law and a direct threat to maritime security, navigational safety and the free movement of trade through one of the world’s most important waterways.

Egypt said it rejected all acts targeting civilian vessels and facilities or endangering maritime security and global energy supplies.

It called for compliance with international law and an end to practices that could inflame tensions and broaden the regional escalation.

Cairo also expressed full solidarity with the United Arab Emirates and said it stood beside the country in confronting any threat to its security and interests.



Egyptian Central Bank Issues Regulations for Digital Financial Identity Services

The headquarters of the Central Bank of Egypt in downtown Cairo (Photography: Abdul Fattah Faraj)
The headquarters of the Central Bank of Egypt in downtown Cairo (Photography: Abdul Fattah Faraj)
TT

Egyptian Central Bank Issues Regulations for Digital Financial Identity Services

The headquarters of the Central Bank of Egypt in downtown Cairo (Photography: Abdul Fattah Faraj)
The headquarters of the Central Bank of Egypt in downtown Cairo (Photography: Abdul Fattah Faraj)

Egypt's central bank has approved regulations for a digital financial identity platform that will enable remote customer verification and identification, it said on Sunday, as it seeks to expand access to ⁠financial services.

According to Reuters, it said ⁠the move was part of efforts to support digital transformation, promote financial inclusion ⁠and modernize the banking sector's digital infrastructure.

Governor Hassan Abdalla said the platform will enable more citizens to open bank accounts and access banking products and services online without visiting branches.

The ⁠regulations set out a governance framework, defining the roles and responsibilities of relevant parties, along with technical, data protection, and cybersecurity requirements, the central bank said.


Sinopec's Half-year Profit Grew 19.3% on Year Despite Iran War

Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura
Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura
TT

Sinopec's Half-year Profit Grew 19.3% on Year Despite Iran War

Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura
Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura

China's Sinopec reported an unexpected 19.3% year-on-year increase in net profit for the first half of 2026, despite a litany of issues including the Middle East conflict and falling demand for fuel domestically, but said it had to write down its inventories by 16 billion yuan.

Net profit over the January-June period stood at 25.63 billion yuan ($3.81 billion) under Chinese accounting standards, versus the 21.48 billion yuan a year earlier, Sinopec said in a filing at the Shanghai stock exchange on Sunday.

In a separate filing, the company said it set aside provisions for asset impairment of 16 billion yuan as a result of the volatility in oil and fuel prices in the first six months of this year.

Sinopec, ⁠the world's biggest ⁠refiner, relies on the Middle East for half of its crude oil needs, making it vulnerable to the worst supply crisis in history as the Strait of Hormuz - through which it usually imports large quantities of oil - has remained largely closed since March.

It also processed 5.6% less crude oil between January and June versus the same year-ago period, at 113.31 million metric tons, or 4.57 million barrels per day (bpd), according to the filing.

The company said its refining margin was up 44.1% on ⁠the year in the first half of 2026 - up 139 yuan per metric ton to 453 yuan per metric ton - a surprising jump given domestic fuel price hikes lagged the surges in crude oil cost.

Its refining segment reported a 381.5% growth in operating profit by "broadening crude oil sourcing outside the Middle East, closely managing the timing of purchases in line with market conditions, and optimizing its product mix based on product profitability," the filing showed, according to Reuters.

China has drastically cut oil imports since the war began in March, freeing up barrels for others and keeping a lid on global prices. Sinopec's result is all the more surprising given how exposed it was to the Strait and the way in which Beijing has forced the refiner, and others like it, to ⁠absorb the oil price shock ⁠by limiting their ability to pass higher oil prices through to fuel consumers

Conflict in the Middle East caused "sharp volatility in international crude oil prices and a substantial increase in imported crude procurement costs", while the domestic refined product and chemicals markets remained weak, the management stated in the filing.

But the company said it "closely monitored changing conditions, dynamically adjusted production and operating arrangements, and effectively responded to unexpected shocks and challenges on multiple fronts."

The chemicals segment remained loss-making, recording an operating loss of over 200 million yuan, but losses narrowed sharply by around 4 billion yuan, it said.

Output of ethylene, a key building block for petrochemicals, sank 15.5% on the year to 6.4 million tons in the first half, as the company faced industry over-capacity and competition from the private sector.

Sinopec projects crude throughput for July–December at 113 million metric tons, roughly flat versus the amount processed in the first half.


ECB Chief Lagarde Reportedly 'Ready to Serve' WEF

President of European Central Bank Christine Lagarde addresses the media in Frankfurt, Germany, Thursday, July 23, 2026, after a meeting of the ECB's governing council. (AP Photo/Michael Probst)
President of European Central Bank Christine Lagarde addresses the media in Frankfurt, Germany, Thursday, July 23, 2026, after a meeting of the ECB's governing council. (AP Photo/Michael Probst)
TT

ECB Chief Lagarde Reportedly 'Ready to Serve' WEF

President of European Central Bank Christine Lagarde addresses the media in Frankfurt, Germany, Thursday, July 23, 2026, after a meeting of the ECB's governing council. (AP Photo/Michael Probst)
President of European Central Bank Christine Lagarde addresses the media in Frankfurt, Germany, Thursday, July 23, 2026, after a meeting of the ECB's governing council. (AP Photo/Michael Probst)

Christine Lagarde, chief of the European Central Bank, could take over the presidency of the World Economic Forum at some point in 2027, Swiss newspaper NZZ reported on Sunday.

At a board meeting near Geneva this week, Lagarde was reportedly described as a "putative candidate" to lead the organization behind the annual Davos gathering of political and business leaders.

According to sources cited by the newspaper, she also said she was "ready to serve.”

The WEF's board ⁠is currently co-chaired ⁠by Roche vice-chairman André Hoffmann and BlackRock CEO Larry Fink, who are navigating a leadership transition after founder Klaus Schwab stepped down last year.

At the board meeting, Singapore's President Tharman Shanmugaratnam said that the succession to Fink ⁠and Hoffmann should be resolved internally as suitable candidates were available, NZZ reported.

Lagarde, who has been a member of the WEF's board for several terms, thanked the members of the 28-strong body for their confidence in her, according to the paper's reporting.

The board did not determine exactly when Lagarde should take over the presidency, NZZ said, based on sources, adding that the ⁠only point ⁠of agreement was that Fink and Hoffmann should still chair the annual meeting in Davos in January 2027.

The WEF did not immediately reply to a Reuters request for comment.

Christine Lagarde said last year she was determined to complete her term at the ECB, following speculation she might leave early to take up a role leading the WEF.

Her eight-year presidential term at the ECB runs out at the end of October 2027.