
Cabinet form Crisis Committee for Israel-Iran war
On 16 June, Prime Minister Mostafa Madbouly, issued a decision to form a Crisis Committee, to monitor the repercussions of the Iranian-Israeli military operations, and prepare for any potential developments across various sectors, announced Mohamed al-Homsany, official spokesperson for the Cabinet.
The Crisis Committee will be headed by the Premier, and will include the Governor of the Central Bank and the Ministers of Industry; Planning, Economic Development and International Cooperation; Electricity and Renewable Energy; Finance; Supply and Internal Trade; and Petroleum and Mineral Resources. The Committee will also include representatives from the Ministries of Defence and Interior, the General Intelligence Service, and the Administrative Control Authority.
The Prime Minister will meet regularly with the committee members, the official spokesperson for the Cabinet said, divulging that Dr Madbouly is currently in continuous meetings with various advisory committees to discuss the ramifications of the recent events, and their impact on various sectors in Egypt. Comments
comments Tags: Egypt Crisis Committee for Israel Iran WarLillian Nabil
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Egypt Today
2 hours ago
- Egypt Today
PM Madbouly follows up on funding of ‘Haya Karima' initiative projects
CAIRO -19 June 2025: Prime Minister Mostafa Madbouly chaired a meeting on Thursday to review the funding status of projects under the presidential 'Haya Karima', Decent Life initiative. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny and several other senior officials. Cabinet Spokesperson Mohamed el Homsany said Madbouli closely followed up on the funding developments for the first phase of the initiative, which is set to conclude soon. He reaffirmed ongoing coordination with relevant ministers and authorities to monitor the implementation of the initiative as one of the country's most significant presidential development programs that aims to improve the living standards of millions of rural citizens through the provision of modern infrastructure, integrated social services, and sustainable job opportunities. The meeting also reviewed progress on projects in the first phase and preparations for the launch of the second phase of the initiative. The discussions included an overview of investment allocations for key national programs, including the 'Building the Egyptian Citizen' program and targeted investment in Upper Egypt. The meeting also addressed improvements in public service indicators such as sanitation, drinking water, natural gas, and high-speed internet access in villages covered by the initiative's first phase.


Al-Ahram Weekly
4 hours ago
- Al-Ahram Weekly
Russia actively engaged in diplomatic efforts to resolve Iran-Israel conflict: Foreign Ministry spokesperson - Region
Maria Zakharova, Russian Foreign Ministry Spokeswoman, said that her country is actively engaged in political and diplomatic efforts aimed at resolving the ongoing conflict between Iran and Israel. Zakharova's remarks came during a news briefing on the sidelines of the St. Petersburg International Economic Forum (SPIEF) 2025, which saw media representatives from different countries attend the event in Saint Petersburg. "We would like to especially warn Washington against military intervention in the situation, which would be a perilous step with truly unpredictable negative consequences," she said. "The priority today is to halt the escalation of violence, achieve a ceasefire, and restore peace." "These steps are crucial for creating the conditions to bring the situation back to the negotiating table," she added. "Russia is committed to facilitating this process in every possible way," concluded Zakharova. Russian President Vladimir Putin has engaged in telephone discussions with both the Prime Minister of Israel and the President of Iran immediately after the outbreak of the conflict on 13 June and offered to mediate a resolution between the two sides. He also spoke with his US counterpart and subsequently held conversations with the leaders of Turkey and the UAE. "Russian Foreign Minister Sergey Lavrov has also been active, communicating with the foreign ministers of Egypt, Iran, Turkey, and Oman. The current crisis in the Middle East was a topic of discussion in Lavrov's conversations with the Azerbaijani foreign minister, as well as during negotiations with Indonesia's foreign minister. These dialogues are ongoing," highlighted Zakharova. "We hope that all parties recognize that there is no viable alternative to seeking mutually acceptable negotiated solutions to the problems at hand. Our support for a resolution concerning the Iranian nuclear program will always be grounded in international law, the principle of equal and indivisible security, and a balanced consideration of mutual interests." Follow us on: Facebook Instagram Whatsapp Short link:


Al-Ahram Weekly
5 hours ago
- Al-Ahram Weekly
Downbeat prospects for the Suez Canal - Economy - Al-Ahram Weekly
Losses in revenue from the Suez Canal are likely to grow this year with the escalating tensions in the region in the wake of the Israel-Iran war. In the year and a half after Israel's war on Gaza began in October 2023, the Suez Canal lost around $8 billion in revenues. Houthi group attacks in the Red Sea in solidarity with the Palestinians against the Israeli war on Gaza also caused major shipping lines to divert their route through the Suez Canal to the longer one around the Cape of Good Hope. Egypt has lost 'approximately $800 million in monthly revenues from the Suez Canal, with a total aggregate amount of $8 billion, since the beginning of Israel's war on Gaza,' wrote Foreign Minister Badr Abdelatty in an article in the British maritime publication Lloyd's List in May. The canal brought in an unprecedented $9.4 billion in revenues in fiscal year 2022-23. It is one of Egypt's main sources of foreign currency, and a decline in its revenues will put pressure on the country's foreign-exchange reserves, likely causing the dollar to strengthen against the Egyptian pound, Karim Adel, head of the Al-Adl Centre for Economic and Strategic Studies, told Al-Ahram Weekly. Mohamed Anis, an economic expert, told the Weekly that the Bab Al-Mandeb Strait which links the Red Sea to the Indian Ocean cannot support additional tensions that negatively affect the global shipping companies' passage through the strait. This Israel-Iran war adds to the pressure on Suez Canal revenues and therefore the Egyptian economy. The Bab Al-Mandeb is a vital trade route between the Mediterranean and Asia. Vessels carrying goods between Europe and Asia, as well as oil from the Middle East to Europe and North America, pass through it when navigating the Suez Canal. Anis added that lower maritime traffic through the canal is expected to have a significant impact on revenues, forecasting that they will shrink to $2.5 billion in 2025. In 2024, revenues stood at $3.9 billion, he said. Moreover, with the flare-up of further conflict in the region, reducing Suez Canal transit fees may no longer be effective in attracting shipping companies back to the route, as many have shifted to the Cape of Good Hope, he explained. In May, the Suez Canal Authority (SCA) announced a 90-day 15 per cent discount on transit fees for container ships with a net tonnage of 130,000 tons or more, whether loaded or empty. The discount was meant to encourage the shipping companies to gradually return to the Suez Canal following a brief ceasefire in Gaza and a truce between the US and the Houthis. Another worrying factor is the possibility of the closure of the Strait of Hormuz. This is the primary export route for Gulf oil, which accounts for about 20 per cent of global oil supplies. It is also critical for natural gas exports, with Qatar controlling a large portion of the Gulf's 30 per cent share, Anis said. He warned that any consequences of the Israel-Iran war affecting the Strait of Hormuz could severely disrupt the global oil trade, creating a sharp supply shortfall and driving up prices from the cost of crude itself to shipping and operational expenses. Oil prices could reach $120 per barrel should the US intervene militarily against Iran and the strait be completely closed, removing approximately four million barrels per day from the global market, Anis said. Trade volumes through the strait exceed $1 trillion annually, with over 2.5 billion tons of cargo passing through each year, Adel said. Raw materials such as grain, iron ore, and cement account for 22 per cent, while the container trade carrying finished goods to the Gulf countries makes up about 20 per cent. * A version of this article appears in print in the 19 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link: