El-Sisi acknowledged the significance of this year's Moulid Al-Nabi celebration taking place amid a world grappling with critical challenges.

These challenges, he stressed, have rekindled memories of tension, anxiety, and unrest not witnessed in decades.

"Our celebration of the anniversary of the prophet's birth this year comes as the world is going through difficult circumstances such as the COVID-19 pandemic and its deep economic repercussions due to the halt in production, followed by the Russian-Ukrainian crisis," the president said.

This has compelled major nations to increase interest rates to unprecedented levels in a bid to control inflation, he added.

Consequently, El-Sisi said, there has been a substantial exodus of capital from emerging economies, "causing a foreign exchange crisis for the Egyptian economy and several other emerging economies."

The pound’s exchange rate against the dollar has fluctuated since March 2022 on the heels of the Russia-Ukraine war, rising from EGP 15.78 to settle currently at around EGP 31 per dollar.

Egypt’s annual headline inflation accelerated to a record 37.4 percent in August from its previous record the month before of 36.4 percent, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).

"Despite the difficult circumstances we are currently facing, it is essential that we maintain our faith in God the Almighty. I will not say trust in us or in the government; rather, I will emphasize placing your trust in God," El-Sisi said, addressing Egyptians.

Moreover, he emphasized that this crisis could have uprooted the Egyptian economy if not for the success of the government’s reforms.

Egypt is exerting significant efforts to confront all economic challenges and protect food and energy security despite the difficult global circumstances, El-Sisi said.

The anniversary of Moulid El-Nabi is celebrated on the 12th day of Rabie El-Awwal (the third month of the Islamic calendar), and falls this year on Wednesday 27 September of the Gregorian calendar.

The ceremony, held at the Manara International Conference Centre in New Cairo, saw President El-Sisi honouring distinguished scholars for their "relentless efforts" in promoting the moderate teachings of Islam, both within Egypt and internationally.

In attendance were Al-Azhar Grand Imam Ahmed El-Tayyeb, Prime Minister Mostafa Madbouly, government officials, and religious scholars.