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Arab Finance: Egypt’s Ministry of Finance confirmed that the 174.4 million square meters of land allocated along the Red Sea will be developed, refuting claims that it will be sold, as per a statement.
This is part of an initiative to facilitate the issuance of sovereign sukuk.
The state will retain ownership of the land, of which a portion will be utilized to reduce government debt by entering partnerships and joint investment deals with government agencies and economic entities.
