CAIRO – 10 August 2026: President Abdel Fattah El-Sisi approved a proposal to issue “tax sukuk”—instruments to be financed by taxpayers and offset against their future tax liabilities. The sukuk would offer an attractive and appropriate rate of return, helping reduce the government’s financing requirements and, consequently, ease the burden of debt servicing, the Presidency said in a statement.
The announcement came during a meeting held by President El-Sisi on Monday in New Alamein City with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk.
According to the official spokesperson, the meeting included a review of the latest developments concerning measures to hedge against the risks associated with global oil price volatility for fiscal years 2025/2026 and 2026/2027.
Kouchouk also reviewed progress in implementing the real estate tax facilitation package, including the introduction of a mobile application for the first time and measures to simplify its use. He noted that a similar application and system dedicated to the real estate disposal tax would be launched in the coming days.
The Finance Minister also reviewed the final financial performance for FY 2025/2026, including key financial and economic indicators included in the fiscal year’s budget.
In this regard, Kouchouk said Egypt’s real GDP growth rate reached 5.2 percent during the first nine months of FY 2025/2026, stressing that most economic and financial performance indicators had improved over the past year.
These improvements included reducing the external debt of budget-sector entities, broadening the tax base through the simplification and automation of procedures, and increasing non-tax revenues.
The minister also highlighted a significant improvement in the performance of financial markets and the Egyptian Stock Exchange, alongside a tangible decline in the cost of default-risk insurance and yields on Egyptian government bonds.
Tax facilitation measures
Kouchouk also briefed the President on the tax facilitation packages, announcing that the laws comprising the second package of tax facilitations measures had entered into force following their ratification by President El-Sisi.
The minister said the package reflects the state’s approach to supporting economic growth, simplifying procedures, and reducing burdens, thereby enhancing the competitiveness of the Egyptian economy and creating a more business-friendly environment for investment.
He added that the business community had responded with strong confidence to the tax facilitation initiative, as reflected in the significant increase in tax revenues during the past fiscal year.
President El-Sisi stressed the need to further develop the tax system, improve tax services, provide additional facilitation measures, and strengthen trust with investors. He also directed the launch of a third package of tax facilitation measures.
*Debt indicators*
The meeting also reviewed developments in the debt indicators of budget-sector entities.
The government has reduced the debt of budget-sector entities as a percentage of GDP by approximately 13.2% over the past two years, according to the meeting.
The government is also targeting a significant further improvement in these debt indicators to create greater fiscal space to support citizens and investors.
*New initiatives for industry and waste management*
The Finance Minister presented a number of new initiatives aimed at supporting and incentivizing the industrial sector’s transition to solar energy, as well as financing the recycling of solid waste and its conversion into alternative fuel.
The initiatives are intended to reduce implementation costs while benefiting all relevant parties, according to the Presidency.
Presidential directives on coastal development
During the meeting, President El-Sisi underscored the importance of strictly enforcing relevant laws, legislation, and presidential decrees governing the use of land designated for tourism activities along Egypt’s beaches.
The President directed the immediate formation of a committee comprising the relevant state bodies to inspect conditions on the ground and ensure free public access to beaches in accordance with applicable regulations.
He also directed that no construction or other works be permitted within 200 meters of the shoreline without prior approval from the competent state authorities.
Inspection of real estate projects
The President also instructed the formation of a committee to inspect ongoing real estate projects across all governorates to ensure that units are delivered on schedule without delays, contracts signed with buyers are honored, and project infrastructure is completed.
The President directed that violators be held accountable and that he be periodically briefed on all measures taken in this regard.
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