MP seeks finance ministry briefing on Red Sea land-for-debt plan
The request asks whether the arrangements comply with Egypt's financial legislation and what effect they will have on state debt. The plan covers 26,700 feddans in the Red Sea Governorate.
13 November 2026
A member of Egypt's House of Representatives has formally asked the finance minister to account for the plan to use state land in the Red Sea Governorate to issue sovereign sukuk and reduce public debt.
The briefing request was submitted on Friday by MP Mohamed Fouad, according to Asharq Al-Awsat. It asks for the executive status of the allocation decisions, whether the arrangements carried out match Egypt's financial legislation, and what their actual effect on state debt will be.
A presidential decree issued last week allows the finance ministry to use 26,700 feddans in the Red Sea Governorate as backing for sukuk based on long-term usufruct rights. The ministry said on Friday the land would be directed to investment and private-sector partnerships rather than sold outright.
Economists quoted in the same report said the type of projects planned for the land, and whether feasibility studies have been carried out, have not been made public. Cairo University political scientist Tarek Fahmy said the government should have set out the details and involved parliament before the decision rather than responding to criticism afterwards.