Egypt allocates Red Sea land for Islamic bonds without public debate

Egypt has transferred 174 sq km of coastal land in the oil-rich Ras Shukeir area to the finance ministry for sovereign sukuk issuances (Islamic bonds), a move aimed at easing its debt crisis but made without parliamentary or public consultation. The June 10 decree, published without details, designates the land for Sharia-compliant bonds. The move comes as Egypt seeks alternative financing amid dwindling reserves and a severe economic crisis.