Sisi Allocates 174M sqm of State Land to Support Debt Reduction and Sovereign Sukuk Plans
The decision, published in the Official Gazette on Tuesday, comes amid a broader government strategy to enhance debt sustainability. According to data reviewed by Al Arabiya Business, Egypt's external debt declined by $111 million in Q4 2024, settling at $155.09 billion by year-end.
Prime Minister Mostafa Madbouly has previously emphasized Egypt's commitment to responsible borrowing, noting that recent bond issuances are designed to extend debt maturity timelines. These measures have brought the debt-to-GDP ratio back to safe levels, with a targeted annual reduction in external debt ranging from $1.5 to $2 billion.
This land allocation follows a significant agreement in 2023 in which Egypt sold 170 million square meters in Ras El Hekma to the UAE for $24 billion. The deal also included the conversion of $11 billion in Emirati debt into direct local investments.
Currently, Egypt is working to convert Gulf deposits at the Central Bank into long-term investments, reinforcing its strategic shift toward sustainable debt management.
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