Latest news with #El-Tayeb
Al-Ahram Weekly
20-06-2025
- Politics
- Al-Ahram Weekly
🔴 LIVE UPDATES: Egypt's Al-Azhar Grand Imam condemns Israeli 'rampage' in unprecedented Persian tweet - Region
Ahram Online provides live coverage of the unfolding military confrontation between Israel and Iran as the two sides waged deadly strikes against one another for the eighth day in a row. Related Trump says will decide whether to attack Iran 'within two weeks' - as it happened Israel expands assassination policy with threat to target Khamenei Israeli army says struck inactive nuclear reactor in Iran's Arak The face-off between Israel and Iran has continued to intensify overnight and into this morning. Overnight, the Israeli military reported carrying out dozens of strikes on military targets across Iran, including a significant attack on the Organization of Defensive Innovation and Research (SPND) headquarters in Tehran, which Israel claims is involved in Iran's nuclear weapons development project. Other targets included missile production sites in Tehran and the northern city of Rasht. The International Atomic Energy Agency (IAEA) also confirmed that Israel's rockets had damaged Iran's Khondab Heavy Water Production Plant. In retaliation, Iran launched fresh barrages of missiles towards Israel. These missiles struck southern Israel, particularly the city of Beersheba for the second consecutive day, causing damage to residential buildings, including a six-story structure. Sirens were activated across southern Israel as missiles were detected, and while most were reportedly intercepted, some impacted areas. Casualty figures remain high, with an Iranian human rights group stating that Israeli strikes have now killed at least 657 people and wounded over 2,000 in Iran since the conflict began. Iran's retaliatory strikes have resulted in 24 deaths in Israel. Diplomatic efforts are underway, with the Iranian Foreign Minister expected to meet with top European diplomats in Geneva today, although Iran continues to reject direct negotiations with the US as long as Israeli attacks persist. Concerns are also rising regarding potential cyberattacks, with reports of Iranian hackers targeting Israeli home security cameras. 19:00 Ahmed El-Tayeb, the Grand Imam of Al-Azhar, issued a forceful condemnation of Israel's ongoing actions against Iran. He notably delivered his message not only in Arabic and English but, for the first time, in Persian on social media. This unprecedented outreach directly targets Iranian audiences as tensions escalate, signaling a significant pan-Islamic appeal from Sunni Islam's highest seat of learning. In his tweet, El-Tayeb stated, "I strongly condemn the ongoing aggression by the occupying entity against the Islamic Republic of Iran, and the systematic attacks and continued recklessness committed by this usurping aggressor and its backers, acts that risk dragging the region to the brink of explosion and igniting a full-scale war, from which only arms dealers and profiteers of bloodshed would benefit." El-Tayeb further criticized the international community's inaction, arguing that "The international community's silence in the face of this tyranny, and its failure to put an end to it, amounts to complicity in the crime. Such inaction yields nothing but a growing threat to global security. War cannot create peace!" 18:00 Iran's Revolutionary Guard said it targeted Israeli Channel 14's field broadcasting headquarters in Haifa on Friday with Sejil-3 long-range missiles, describing the strike as part of a wider operation involving 'long-range and very heavy missiles.' According to Nour News, which is affiliated with Iran's Supreme National Security Council, the strike formed part of 'Wave 17' of Operation True Promise 3. The news outlet said the attack followed a prior warning issued by the Guard. 17:00 Turkish President Recep Tayyip Erdoğan warned that the escalating conflict between Iran and Israel is nearing 'the point of no return', as the United States weighs the possibility of direct military involvement. 'Unfortunately, the genocide in Gaza and the conflict with Iran are quickly reaching the point of no return. This madness must end as soon as possible,' he said, according to AFP. Erdoğan cautioned that the consequences of the war could extend far beyond the Middle East, affecting Europe and Asia 'for many years'. He made the comments during an Organisation of Islamic Cooperation (OIC) youth forum in Istanbul, ahead of a meeting of OIC foreign ministers scheduled for the weekend. In a separate phone call with German Chancellor Friedrich Merz, Erdoğan warned the war could trigger a surge in migration and the risk of nuclear contamination. "The spiral of violence triggered by Israel's attacks could harm the region and Europe in terms of migration and the possibility of nuclear leakage," he said, adding that the conflict had "raised the threat to regional security to the highest level". 16:30 Qatar held crisis talks with energy firms this week after Israeli strikes hit Iran's South Pars gas field, which it shares with Qatar, a regional diplomat and an industry source told Reuters. The South Pars/North Dome field, jointly owned by the two countries, is the world's largest known natural gas reserve. Iranian media reported a 'massive explosion' and fire on Saturday following an Israeli drone strike on one of the South Pars facilities. Qatar urged companies to raise the alarm with US, UK and European governments over mounting risks to global gas supplies, the source said. 16:00 Iran fired dozens of missiles at Israel, triggering air raid sirens across the north and south, according to Israel's Home Front Command. Al Jazeera initially reported that the salvo involved around 30 projectiles. Explosions were reported in Tel Aviv, Jerusalem and Haifa. Channel 12 confirmed a direct hit in Haifa that caused significant damage and injured 21 people, some seriously. Army radio cited strikes at multiple sites, while Channel 7 later said around 20 missiles were involved. Iran's Nour News said the Islamic Revolutionary Guard Corps (IRGC) targeted Channel 14's field broadcast centre in Haifa with Sejil-3 long-range missiles after a prior warning. The IRGC called the barrage 'Wave 17' of Operation True Promise 3, describing it as a coordinated strike involving 'long-range and very heavy missiles'. Iran's Supreme Leader Ayatollah Ali Khamenei said: 'The Zionist enemy is now receiving its punishment.' The attack marks one of the largest direct missile strikes by Iran since the war began on 13 June. The Israeli army later lifted nationwide shelter orders and confirmed impacts in Haifa, as well as central and southern regions. Earlier, Israeli forces said their air force was conducting renewed strikes on targets in western and central Iran. 15:15 Iran will not accept a demand for zero uranium enrichment, a senior Iranian official told Reuters, calling it unacceptable while Israeli strikes continue. However, the official said Tehran was open to negotiating limits on enrichment levels, provided its right to peaceful nuclear development is recognised. The remarks come ahead of talks in Geneva with the UK, France, and Germany, where efforts are underway to restore diplomatic engagement over Iran's nuclear programme. 14:45 Veteran investigative journalist Seymour Hersh warned that the United States is preparing for heavy bombing of Iran, possibly as early as this weekend, citing long-standing Israeli and American sources. Hersh said the Trump administration is fully backing Israel's campaign to dismantle Iran's nuclear programme, while hoping for the collapse of the government in Tehran. In a Substack post published Thursday, titled 'What I Have Been Told Is Coming in Iran – The Initial Battle Plan for a New War,' Hersh wrote: 'It will entail heavy American bombing,' based on information confirmed by a senior US official. The official reportedly said the situation would remain 'under control' if Iran's Supreme Leader Ayatollah Ali Khamenei 'departs.' 'Just how that might happen, short of his assassination, is not known,' Hersh added. He criticised the lack of a coherent US strategy: 'There has been a great deal of talk about American firepower and targets inside Iran, but little practical thinking… about how to remove a revered religious leader with an enormous following.' Hersh also warned of wider consequences: 'The most important unanswered question… will be the response of the world, including that of Vladimir Putin, the Russian president who has been an ally of Iran's leaders.' On continued US support for Israel, Hersh wrote: 'The United States remains Israel's most important ally, although many here and around the world abhor Israel's continuing murderous war in Gaza.' 14:30 Brent crude fell over 2 percent, dragging energy stocks lower, as fears of imminent US strikes on Iran eased. European markets rebounded, while Asian indices closed mixed and the dollar slipped. The shift followed President Donald Trump's comments that he would delay a decision on joining Israeli attacks for up to two weeks. His remarks came ahead of talks in Geneva between Iranian and European diplomats. 'Brent crude has dropped... as traders price out the worst-case scenario for geopolitics,' said Kathleen Brooks of trading firm XTB. Earlier concerns that the conflict could disrupt oil supplies had driven prices higher and global equities lower. 'While the immediate prospect of a US intervention may have diminished, it remains a live issue for markets,' said Dan Coatsworth of investment platform AJ Bell. The main US oil benchmark, West Texas Intermediate (WTI), edged up on low post-holiday trading and a drop in US crude stockpiles. Markets are also watching Trump's trade war, as a 90-day pause on new tariffs nears its end. 'Until then... headlines could have an outsized impact,' said David Sekera of Morningstar. 14:00 Russia warned against any attempt to assassinate Iran's supreme leader, saying it would be 'unacceptable' and risk triggering uncontrollable escalation, Sky News reported. Kremlin spokesperson Dmitry Peskov said Russia would react 'very negatively' if Ayatollah Ali Khamenei were killed, describing the situation as 'extremely tense and dangerous not only for the region but globally.' Speaking in Saint Petersburg, Peskov said regime change in Iran would 'open the Pandora's box' and warned that further escalation would only deepen the regional confrontation. He did not specify how Russia would respond, but said any such act would provoke a strong reaction 'from inside Iran.' 'It would lead to the birth of extremist moods inside Iran and those who are speaking about [killing Khamenei], they should keep it in mind. They will open the Pandora's box.' 13:30 European foreign ministers meeting Iranian Foreign Minister Abbas Araghchi in Geneva are expected to relay that the US remains open to direct talks, Reuters reported, citing diplomats. Two diplomats said Araghchi would be urged to send a 'clear signal' by accepting tough restrictions on Iran's nuclear programme. US Secretary of State Marco Rubio reportedly signalled willingness to engage directly with Tehran, though Washington has not formally confirmed this. CNN quoted a US official saying President Donald Trump supports European-led diplomacy aimed at reviving talks. The UK, France and Germany and the EU's foreign policy chief met in Geneva ahead of their meeting with Araghchi. The Swiss city hosted the early stages of talks that led to the 2015 nuclear deal between Iran and world powers. Trump withdrew the US from that agreement on 8 May 2018, reimposing sanctions and triggering the collapse of follow-up negotiations. An EU diplomat said: 'The Iranians can't sit down with the Americans whereas we can. We'll urge them to return to the table before the worst-case scenario.' Iran has repeatedly said it will not engage with the US while Israeli attacks continue. 'There is no room for negotiations with the US until Israeli aggression stops,' Araghchi said on state television. 13:15 Thousands of supporters of powerful Iraqi cleric Moqtada Sadr rallied in Baghdad and other cities against Israel's war with Iran, AFP correspondents said. "No to Israel! No to America!" chanted demonstrators gathered after Friday prayers in the Sadr City district of Baghdad, Moqtada Sadr's stronghold in the capital, holding umbrellas to shield themselves from Iraq's scorching summer sun. "It is an unjust war... Israel has no right" to hit Iran, said protester Abu Hussein. "Israel is not in it for the (Iranian) nuclear (program). What Israel and the Americans want is to dominate the Middle East," added the 54-year-old taxi driver. He said he hoped Iran would come out of the war victorious, and that Iraq should support its neighbour "with money, weapons and protests". In Iraq's southern city of Basra, around 2,000 people demonstrated after the prayers, according to an AFP correspondent. Cleric Qusai al-Assadi, 43, denounced Israel's use of Iraqi airspace to bomb Iran. "It is a violation of Iraq's sovereignty," he said, warning against "a third world war against Islam." Echoing the views of Sadr, Assadi said that Iraq should not be dragged into the conflict. Iraq has long attempted to balance ties between Iran and the US, and has only recently emerged from decades of instability following the 2003 US invasion. 13:00 Thousands of people joined a protest against Israel in the Iranian capital after weekly prayers, chanting slogans in support of their leaders, images on state television showed, AFP reported. "This is the Friday of the Iranian nation's solidarity and resistance across the country," the news anchor said. Footage showed protesters in Tehran holding up photographs of commanders killed since the start of the war with Israel, while others waved the flags of Iran and the Lebanese Shia group Hezbollah. "I will sacrifice my life for my leader," read a protester's banner, a reference to supreme leader Ayatollah Ali Khamenei. According to state television, protests took place in other cities around the country, including in Tabriz in northwestern Iran and Shiraz in the south. 12:45 French President Emmanuel Macron said European powers will present Iran with a 'comprehensive diplomatic and technical offer' to end the escalating conflict with Israel. Foreign Minister Jean-Noël Barrot is expected to meet Iranian counterpart Abbas Araghchi in Geneva later Friday, alongside UK and German officials. Macron said the proposal includes four points: full IAEA access and zero uranium enrichment; limits on ballistic capabilities; restrictions on financing regional proxies; and the release of foreign detainees. He warned that a nuclear-armed Iran poses an 'existential risk' to Israel, but criticised Israeli strikes on civilian and energy infrastructure, saying 'nothing justifies this'. He added that military action alone cannot eliminate Iran's nuclear programme. "No one seriously thinks that this risk (posed by the Iranian atomic drive) can be responded to only through the operations that are currently underway," he said. "There are facilities that are extremely well protected we do not know exactly where the uranium enriched to 60 percent is." 12:00 Several major US airlines have suspended flights to the Middle East, AP reported. United Airlines said it has indefinitely paused flights between Newark, New Jersey, and Dubai, United Arab Emirates. American Airlines announced it is suspending service between Philadelphia and Doha, Qatar, at least through Sunday, and will make 'additional adjustments as needed'. Both airlines said they are monitoring the situation and working to rebook affected passengers. Last week, Delta Air Lines suspended flights to Tel Aviv, where Ben Gurion Airport remains closed to regular scheduled passenger traffic. 11:30 Iranian Foreign Minister Abbas Araqchi ruled out any negotiations with the United States, calling it a 'partner to Israeli crime against Iran'. 'There is no room for negotiations with us until Israeli aggression stops,' Araqchi told Iranian state television, according to Reuters. 11:15 French Foreign Minister Jean-Noël Barrot, according to the Guardian, held talks with US Secretary of State Marco Rubio ahead of the planned Geneva meeting with his UK, German, and Iranian counterparts. A French diplomatic source said Rubio conveyed that the United States is 'ready for direct contact with the Iranians at any moment.' 11:00 Seven people were injured during Iran's missile attack on the southern Israeli city of Beersheba earlier this morning. According to a spokesperson for Soroka Medical Centre, quoted by The Jerusalem Post, the individuals sustained minor injuries while rushing to shelters during the barrage. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
16-02-2025
- Business
- Zawya
NBK-Egypt reports EGP 7.3bln (Equivalent to KWD 51.9mln) in net profit in FY2024
Al-Bahar: In 2024, we delivered the highest profit in the bank's history, driven by strong operational performance across our business segments Financial indicators reaffirm that we are on the right path toward further expansion and market share growth NBK-Egypt remains one of the fastest-growing banks, strengthening its presence with a distinctive footprint in the Egyptian market Our strategic focus is on advancing banking transactions and enhancing their quality to meet the rising demand El-Tayeb: The bank continues to deliver strong performance, surpassing expectations across all financial indicators We remain focused on strengthening our position in both the corporate and retail banking sectors NBK-Egypt continues its expansion in digital services and products to cater to a diverse customer base Aligned with global trends, we are committed to supporting sustainable finance and the transition to a green economy CSR remains a core priority, reinforcing our commitment to long-term community impact. National Bank of Kuwait - Egypt (NBK-Egypt) reported net profits of EGP 7.3 billion (Equivalent to KWD 51.9 million ) for the financial year 2024 compared to EGP 4.021 billion (Equivalent to KWD 41.4 million) reported in 2023 marking an impressive 81% increase compared to financial year 2023. Net Operating Income stood at EGP 13.5 billion by the end of FY2024, recording a substantial increase of 57% from EGP 8.7 billion recorded by the end of FY2023. In the meantime, Net Interest Income grew by 66%, reaching EGP 11.6 billion compared to EGP 7 billion in FY2023. Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.9 billion in FY2024, compared to EGP 1.7 billion in FY2023, up by 17%, while Cost to Net Operating Income dropped from 28% in FY2023 to 21.2% in FY2024. Total assets reached EGP 196 billion by the end of FY2024, up by 50% compared to EGP 131 billion by the end of FY2023. Furthermore, total loans and credit facilities expanded to EGP 104 billion in FY2024, reflecting a growth rate of 37% compared to EGP 76 billion recorded at the end of FY2023. Additionally, customer deposits increased to EGP 160 billion by the end of FY2024, up from EGP 106 billion at the end of FY2023, representing a growth rate of 51%. Furthermore, the Return on Average Assets (ROAA) improved to 4.5% by the end of FY2024, compared to 3.4% by the end of FY2023, while the Return on Average Equity (ROAE) increased to 39.2% in FY2024, up from 30.7% in FY2023. Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'NBK-Egypt delivered record profits in 2024, underscoring the success of its operational strategy and reaffirming its trajectory toward further strengthening its position in the Egyptian market. As NBK Group's most significant market outside Kuwait, Egypt holds substantial growth potential, driven by its promising opportunities and positive economic outlook.' Al-Bahar highlighted that NBK's operations in Egypt are among the group's most profitable, delivering the highest returns on equity and assets. Al-Bahar emphasized that the sustained expansion of the balance sheet and the growth of the bank's financial indicators reaffirm the success of its business diversification strategy and accelerated digital transformation. This approach aims to strengthen market share, particularly in retail banking, within the region's most populous country and a key hub for investment opportunities. 'We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This progress is driven by the significant advancements in our digital infrastructure, information technology, and alternative electronic channels, which have positioned the bank as a strong competitor with a distinct presence in the Egyptian banking sector. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion,' Al-Bahar stated. 'Egypt is a key growth market for NBK Group and a long-term strategic investment, where the Group remains committed to reinforcing its presence and strengthening its position,' Al-Bahar confirmed. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The bank's strong financial performance at the end of 2024 surpassed expectations and targets, despite challenges and exceptional circumstances affecting the business environment both locally and globally. This achievement underscores the bank's resilience and prudent business model, reinforcing its ability to sustain success and growth.' Al-Tayeb emphasized that the bank's growth is balanced across all business activities, ensuring efficiency and a risk profile aligned with sustainable expansion. This success is driven by a prudent strategy that meets the evolving needs of both corporate and individual clients while diversifying income streams. Al-Tayeb noted that the bank's income sources stem from credit operations in the corporate sector, alongside a rapidly expanding retail banking segment, which has grown significantly in recent years. The bank's credit portfolio reflects a diverse client base, encompassing large, medium, and small enterprises, while its retail banking portfolio serves a broad spectrum of customers. This diversity underscores the strength and stability of the bank's revenue streams. He further emphasized the bank's commitment to strengthening its position in retail banking by introducing more advanced services and products tailored to meet customers' evolving financial needs and aspirations. El-Tayeb further emphasized NBK-Egypt's commitment to supporting the global shift toward sustainable finance and the transition to a green economy. The bank actively backs environmentally friendly projects that promote sustainability and increased reliance on renewable energy while exploring solutions to mitigate climate change and reduce carbon emissions. He highlighted that sustainable finance has become a vital tool for ensuring long-term financial stability and resilience. He also affirmed the bank's strong commitment to leveraging technology and digital channels to enhance its competitive edge in the banking sector. Recognizing their pivotal role, NBK-Egypt continues to expand its electronic services and encourage broader customer adoption of digital payments. This aligns with the broader strategy of the Egyptian government and the Central Bank of Egypt to promote financial inclusion, integrate new customer segments into the formal banking system, and drive the transition toward a less cash-dependent economy. El-Tayeb concluded by highlighting NBK-Egypt's steadfast commitment to social responsibility, emphasizing that since the Group's entry into the Egyptian market in 2007, the bank has actively supported the local community. Through partnerships with reputable civil society organizations, NBK-Egypt channels its development efforts toward impactful initiatives, reinforcing its role as a responsible corporate citizen. Social responsibility remains a cornerstone of the bank's sustainability strategy, contributing to national development across key areas, including: Healthcare provision Education and employment support Environmental conservation Social solidarity Development of underserved areas Economic development About the Bank: NBK-Egypt has a vast network of 53 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction. National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, UK, Paris, USA, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
