Red Sea debt-reduction land lies between Ras Ghareb and Zafarana, sources say
Unnamed Red Sea sources quoted by Al-Masry Al-Youm give the 112.1 million square metres a 15-kilometre frontage on the Gulf of Suez, reaching inland to varying depths.
12 November 2026
The Red Sea land that the finance ministry may use to reduce public debt lies between Ras Ghareb and Zafarana, according to unnamed sources in the governorate quoted by Al-Masry Al-Youm. They put its frontage on the Gulf of Suez at 15 kilometres, with the area reaching inland to varying depths.
Presidential Decree 448 of 2026 amended Decree 222 of 2026, which in June 2026 allocated about 26,700 feddans — roughly 112.1 million square metres — of state-owned land in the Red Sea Governorate to the Ministry of Finance. The original text named only the issuing of sovereign sukuk; the amendment adds use in reducing the state's public debt.
The same sources expect the shoreline to be the land's main draw for investors and say some sites could be studied for tourism, services, energy or infrastructure projects. The decree itself names no project, investor or timetable.
A separate decree in June 2025 allocated about 41,500 feddans in the governorate to the ministry for the same purposes. The ministry said at the time that allocation did not mean a sale, and that land used as collateral for sukuk would remain owned by the Egyptian state.