Egypt to Set Up Sukuk in Governorates to Ensure More Revenues and Retire Debts

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According to the decree, the land is to be utilized strictly for public debt reduction and the issuance of sovereign sukuk, in line with applicable laws and regulations.

Egypt’s Ministry of Finance confirmed that the recent decision to allocate a prime piece of land in the Ras Shukeir area of the Red Sea Governorate is part of a broader plan to issue sovereign sukuk and help reduce the country’s public debt.

President Abdel Fattah El-Sisi issued Republican Decree (No. 303 of 2025), granting the Ministry of Finance rights to approximately 41,515.55 feddans (equivalent to 174,399,900 square meters) of state-owned land in Ras Shukeir.

In an official statement, the Ministry clarified that the decision does not involve selling the land. Instead, it will be used and developed—partly as collateral to back sovereign sukuk issuances—providing the state with accessible financing options to support the national budget under favourable conditions.

The Ministry emphasised that the ownership of the land remains with the Egyptian state, represented by the Ministry of Finance and select government entities with economic activities. No transfer of ownership to third parties will occur.

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According to the decree, the land is to be utilised strictly for public debt reduction and the issuance of sovereign sukuk, in line with applicable laws and regulations.