Red Sea land allocated for sukuk issuance, not sold

In a statement, the ministry confirmed that the land will not be sold but rather used as collateral for issuing sukuk, which will allow it to be developed and used.

It added that this initiative aims to secure financing under favorable terms to cover the needs of the state’s general budget.

It also stressed that the land would remain under full ownership of the Egyptian state, which is represented by the ministry.

The statement further explained that the move aims to use part of the land to achieve optimal country development through partnerships and deals with financial sector entities and economic authorities within the government.

It said the strategy includes replacing some of the existing debt owed by budgetary agencies to these government bodies with joint investment ventures.

This strategy will first reduce budgetary agency debt and the overall debt servicing burden.

It will also help develop the land into productive, service-oriented tourism and real estate projects, generating long-term, sustainable economic returns and job opportunities for future generations.