Egypt’s presidency is to hold a press conference at 1:30pm Monday to explain the latest developments regarding the seven kidnapped soldiers.

President Mohamed Morsi met with security officials, the ministers of defence and interior, the head of Egypt's general intelligence agency, the armed forces' chief of staff and chief of operations on Sunday, after which a statement was released assuring soldiers will be rescued safely.

Earlier on Sunday, President Morsi said "all options" remained open to secure the release of the kidnapped soldiers. The president also said there would be no dialogue with criminals.

Seven Egyptian soldiers were kidnapped in the Sinai Peninsula on Thursday, including a member of the armed forces, four port security officers and two state security officers.

Following the kidnapping, a security source said the perpetrators had demanded the release of Sinai-based militants detained for two years.

The militants were convicted of killing five security officers and one civilian in a string of attacks in June/July 2011 on an Al-Arish city police station and a North Sinai branch of the Bank of Alexandria. A total of 25 individuals were charged in the case.