To address the country’s ongoing economic challenges, Egypt will be allocating a 174 square kilometer plot on the Red Sea coast to the finance ministry on Tuesday 10 June according to reports, which will be utilized for Islamic bond issuances (financial certificates that represent ownership in a portfolio of assets, rather than a debt obligation like traditional bonds), part of a broader strategy to lower the country’s public debt. While no detailed plan has been revealed for the land’s use, the allocation comes in the wake of a USD 35 billion (EGP 1 trillion) deal signed with the United Arab Emirates last year to develop a similar-sized tract along the Mediterranean coast. Since then, Egypt has been actively seeking additional large-scale investments to support its economic recovery by engaging in discussions with financial partners in Saudi Arabia, Qatar, and Kuwait. In conjunction with this land allocation, Egypt plans to issue USD 2 billion (EGP 99 billion) in sukuks (Islamic financial certificates, similar to bonds, that comply with Sharia law by avoiding interest) in 2025. Finance Minister Ahmed Kouchouk highlighted this financial strategy in April and emphasized the government’s commitment toContinue reading "Egypt Allocates Land for Islamic Bond Issuances Amid Economic Crisis"
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