Latest from Egypt Today
Egypt Today
4 days ago
- Politics
- Egypt Today
Early US intelligence suggests military strikes failed to destroy Iran's nuclear facilities: CNN
CAIRO – 25 June 2025: A preliminary assessment from US intelligence indicate that the US military strikes on three of Iran's nuclear facilities last Sunday did not eliminate the fundamental components of the country's nuclear program and may have only postponed its progress by a few months. This information, reported by CNN, comes from seven sources familiar with the assessment. The evaluation, produced by the Defense Intelligence Agency (DIA), is based on a battle damage assessment carried out by US Central Command following the strikes, said one of the sources. The analysis of the damage and its implications for Iran's nuclear ambitions is still ongoing and may evolve as new intelligence emerges. US President Donald Trump dubbed the strike 'very successful,' claiming that key enrichment facilities there were 'totally and completely obliterated.' The US operation, dubbed 'Operation Midnight Hammer,' utilized several bunker buster bombs, seven stealthy B-2 bombers, and Tomahawk cruise missiles fired by a submarine, according to reports, to target the deeply-buried nuclear facilities in Iran. While Trump asserts that the extent of damage at the Iranian nuclear sites is 'monumental,' however the head of the International Atomic Energy Agency (IAEA), Rafael Grossi, said the agency is still unable to assess the damage. Trump on his Truth Social has slammed the reports of CNN and the New York Times regarding the matter, asserting that they 'have teamed up in an attempt to demean one of the most successful military strikes in history.' Sources close to the assessment indicated that Iran's stockpile of enriched uranium remained intact, with one source stating that the centrifuges were mostly undamaged, according to CNN. Another source mentioned that enriched uranium had been relocated from the facilities before the US strikes occurred. The US strikes came amidst a war between Israel and Iran, which culminated in a ceasefire announced by Trump early on Tuesday after Tehran launched a limited retaliatory strike on the US Al Udeid Air Base in Qatar. Tel Aviv initiated the war on 13 June, bombing nuclear and military sites in Iran and assassinating key military officials and senior nuclear scientists.
Egypt Today
4 days ago
- Entertainment
- Egypt Today
Mercedes-Benz Egypt Hosts a Red Carpet Night for 'F1® The Movie' exclusive Premiere at Scene Cinemas' ScreenX
Before the screening, Stefanie Volz, CEO of Mercedes-Benz Egypt, welcomed guests with opening remarks, saying: 'We're incredibly proud to be hosting Egypt's first-ever movie premiere at the newly launched ScreenX by Scene Cinema, offering a viewing experience that mirrors the adrenaline and intensity of Formula 1. The F1 film is a tribute to passion, performance, and authenticity—filmed at actual Grand Prix events and brought to life with Mercedes-AMG's performance vehicles and motorsport expertise. I would also like to extend our sincere thanks to Scene Cinemas for introducing this exceptional format to Egypt and Africa for the first time, and to United Motion Pictures for their valued support as the sole theatrical distributor of Warner Bros. in Egypt.
Egypt Today
4 days ago
- Politics
- Egypt Today
President Sisi appoints new leaders for Egypt's Court of Cassation, judicial bodies
CAIRO – 25 June 2025: President Abdel Fattah El Sisi has issued decrees appointing new heads for the Egyptian State Council, Administrative Prosecution Authority, State Lawsuits Authority, and the Court of Cassation, effective July 1. Counselor Assem Ghaiesh has been appointed as the head of the Court of Cassation, Egypt's highest court and the pinnacle of the judicial hierarchy. Ghaiesh brings extensive experience from prestigious judicial and legal institutions across Egypt, having held notable positions, including membership on the Supreme Judicial Council and serving as the head of the court of values. Counselor Osama Shalaby, a distinguished judge of the State Council, has been appointed as the new head of the council. The State Council, an independent judicial body, is exclusively tasked with adjudicating administrative disputes and has jurisdiction over disciplinary lawsuits and appeals. It is responsible for issuing legal opinions for entities specified by law, reviewing and drafting laws and legislative decisions, and examining draft contracts involving the state or public bodies. Shalaby has over four decades of experience, beginning his career in the Public Prosecution in 1978 and later serving as deputy head of the State Council. Additionally, Hussein Madkour has been appointed as the head of the State Lawsuits Authority, an independent body that provides legal representation for the state in legal disputes. Madkour also brings extensive judicial and academic experience, along with contributions in arbitration, Islamic jurisprudence, and comparative law. Furthermore, Mohamed Khalil Al-Shenawy has been appointed as the head of the Administrative Prosecution Authority, an independent body responsible for overseeing disciplinary cases and prosecuting them before disciplinary courts.
Egypt Today
4 days ago
- Business
- Egypt Today
Egypt issues $1B sovereign sukuk to strengthen financing strategy
CAIRO - 25 June 2025: The Egyptian government has successfully launched its second sovereign sukuk, compliant with Islamic Sharia principles, with a total value of $1 billion. This sukuk was offered as a private placement for the 2024–2025 fiscal year, as stated by the Ministry of Finance. The issuance features an annual coupon rate of 7.875 percent and a maturity of three years. It aligns with Egypt's strategy to diversify its financing sources across various markets, instruments, and investor groups. The Ministry further explained that Kuwait Finance House (KFH) fully subscribed to this private placement, indicating strong investor confidence. This second sukuk issuance underscores the Ministry of Finance's capability to meet its financial targets despite the ongoing challenges in the global economy and geopolitical landscape. It also highlights the government's success in expanding its financing tools and sources, tapping into different currencies, markets, and investor bases while securing favorable terms. This issuance follows Egypt's first sovereign sukuk, launched in February 2023, under the international sovereign sukuk program, which has a total value of $5 billion. Moreover, the sukuk supports the Ministry's broader goals, such as diversifying debt instruments, entering new markets, reaching new investor segments, extending the debt maturity profile, and lowering the cost of external debt—ultimately reducing the overall financing cost. The Ministry also reiterated its commitment to reducing the external debt for the state's general budget entities by $1–2 billion during this year, with preliminary indicators showing strong progress in achieving these objectives.
Egypt Today
4 days ago
- Business
- Egypt Today
Egypt Issues $1 Billion Sovereign Sukuk to Strengthen Financing Strategy
The Egyptian government has successfully launched its second sovereign sukuk, compliant with Islamic Sharia principles, with a total value of $1 billion. This sukuk was offered as a private placement for the 2024–2025 fiscal year, as stated by the Ministry of Finance. The issuance features an annual coupon rate of 7.875 percent and a maturity of three years. It aligns with Egypt's strategy to diversify its financing sources across various markets, instruments, and investor groups. The Ministry further explained that Kuwait Finance House (KFH) fully subscribed to this private placement, indicating strong investor confidence. This second sukuk issuance underscores the Ministry of Finance's capability to meet its financial targets despite the ongoing challenges in the global economy and geopolitical landscape. It also highlights the government's success in expanding its financing tools and sources, tapping into different currencies, markets, and investor bases while securing favorable terms. This issuance follows Egypt's first sovereign sukuk, launched in February 2023, under the international sovereign sukuk program, which has a total value of $5 billion. Moreover, the sukuk supports the Ministry's broader goals, such as diversifying debt instruments, entering new markets, reaching new investor segments, extending the debt maturity profile, and lowering the cost of external debt—ultimately reducing the overall financing cost. The Ministry also reiterated its commitment to reducing the external debt for the state's general budget entities by $1–2 billion during this year, with preliminary indicators showing strong progress in achieving these objectives.
