A member of the Egyptian Parliament’s Economic Affairs Committee and economic expert Mohamed Fouad on Saturday slammed the practice of designating state-owned land for the function of minimizing public financial obligation.
Consulting with television host Amr Adib on the “al-Hekaya,” (The Story) program, the MP mentioned: “The problem isn’t simply whether the land is being offered or not; the financial ramifications are what matter most. Are we in fact fixing the issue, or are we simply delaying it?”
Fouad stated that the current allowance of 112 million square meters of land in the Red Sea area to the Finance Ministry mirrors the earlier case of the Ras Shuqair land, which he kept in mind indicates an absence of clearness concerning the results of that previous effort.
Fouad discussed that a governmental decree provided on June 4, 2025, had actually assigned 174 million square meters in Ras Shuqair location to the Finance Ministry, with the specified goal of decreasing public financial obligation and helping with the issuance of sovereign “Sukuk” (Islamic bonds).
He stated that 17 months have actually passed without the advancement of a functional strategy, and even an initial structure, which raises concerns about the supreme fate of these lands and the systems through which they are to be used.
The freshly designated location in the Red Sea covers 112 million square meters, he kept in mind, which is comparable to around 60 percent of the size of the land at Ras Shuqair.
What ended up being of Ras Shuqair?
Fouad discussed that he has actually sent an official query to reveal the information surrounding the allowance of the 112 million square meters of land in the Red Sea area.
He is likewise looking for information on the status of the formerly assigned land at Ras Shuqair, the nature of the plans produced it, the prepare for its usage, and what has really been attained considering that its preliminary allotment.
Fouad even more required an accounting of the funds produced and the sources meant for settling existing responsibilities.
He highlighted that your home of Representatives has the authority to hold the federal government– and the pertinent minister– liable concerning how these lands are being handled, prepare for their advancement, and the anticipated financial returns.
Funds for Repaying Sukuk
Fouad raised concerns relating to the system for paying returns on sovereign “Sukuk” (Islamic bonds) as soon as they are provided.
He asked about the source of the earnings and monetary circulations that would be utilized to satisfy these commitments– especially in situations where the land in concern has actually not yet reached the functional phase and is not yet producing profits.
He even more questioned whether such payments would count on returns from financial investment activities connected to the land, or on the state’s public resources.
He required explanation on the monetary engineering of the procedure, the entity getting the financing, the returns created, and how monetary circulations are dispersed amongst the different celebrations included.
Fouad highlighted that his objection does not issue making use of state possessions or the nature of the monetary and financial investment deals themselves, however rather the requirement of comprehending the financial returns produced afterwards– pointing particularly to the Ras el-Hekma and Alam al-Roum offers, along with other plans along the Red Sea coast.
The MP highlighted the value of moving far from funding offers intended entirely at financial obligation payment.
Rather he promoted for the operationalization of possessions and the facility of tasks that produce sustainable profits, thus assisting to reduce the state’s monetary problems in the long term.
Modified translation from Al-Masry Al-Youm
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