Egyptian billionaire Naguib Sawiris has suggested that the government sell state-owned land along the North Coast and the Red Sea in U.S. dollars to Egyptians and foreign investors, aiming to reduce the countrys rising foreign debt.
The proposal comes as Egypt steps up land-for-currency initiatives to bolster its reserves. In February 2024, the government finalized a 35-billion deal with Abu Dhabis ADQ at Ras El Hekma, including 24 billion for coastal land rights. By June, more than 41,000 feddans of Red Sea land had been allocated to support sovereign sukuk aimed at curbing debt.
Sawiris emphasizes private-sector role