Egypt allocates Red Sea land to back Islamic bonds

Egypt is set to allocate a 174-square-kilometer plot along the Red Sea coast to the finance ministry, according to Egypt’s leading independent English media organisation, Egyptian Streets reported on June 10th.

The land will be used to back Islamic bond issuances—Sharia-compliant financial instruments tied to asset ownership rather than debt, according to reports via Reuters. 

While specifics remain unclear, the announcement follows a $35 billion agreement signed with the UAE last year to develop a similar-sized Mediterranean site.

Egyptian Streets/ Maghrebi.org