Arab Finance: President Abdel Fattah El-Sisi has issued a decree allocating 26,690 feddans in the Red Sea Governorate to the Ministry of Finance for reducing public debt and issuing sovereign sukuk, according to the Official Gazette.
The decree stipulates allocating a plot of state-owned land spanning 26,690 feddans, equivalent to 112.122 million square meters, in the Red Sea.
The land will be used to support efforts to reduce the national public debt and facilitate the issuance of sovereign sukuk, in accordance with applicable laws.
Earlier on the same day, Prime Minister Mostafa Madbouly reviewed the government's plans to accelerate public debt reduction, with the aim of lowering public debt to approximately 69.5% of gross domestic product (GDP) by 2030.
