The Egyptian president chaired a meeting in El Alamein to follow up on economic performance and launch tax relief packages, directing that oversight be tightened to ensure citizens' access to beaches and obliging real estate companies to deliver units.
During the meeting, the hedging position against the risks of fluctuations in global oil prices for the fiscal years 2025/2026 to 2026/2027 was reviewed, in addition to following up on the implementation of the real estate tax facilitation package, which included launching an electronic mobile application to make things easier for citizens for the first time, while preparing to launch a similar system for real estate transaction tax.
The Egyptian president also approved a proposal to issue tax bonds financed by taxpayers and deductible from their future tax obligations with a suitable return, which would contribute to reducing financing needs and the debt service bill.
The actual presentation of financial performance showed a real growth rate of 5.2% during the first nine months of the fiscal year 2025/2026, along with a remarkable improvement in financial and economic indicators, a decrease in the value of external debt of budget entities, expansion of the tax base, and strong performance of the financial markets and the Egyptian Stock Exchange and the cost of insurance against payment risks.
The second package of tax relief laws came into effect after ratification by the President, with his explicit directive to launch the third package to complete building confidence with investors.
Regarding debt management, the government has succeeded in reducing the debt of budgetary bodies by 13.2% as a percentage of GDP over the past two years, and aims to continue this path to create fiscal space that supports citizens and investors.
The meeting also reviewed new initiatives to stimulate the industrial sector’s conversion to solar energy and the recycling of solid waste to convert it into alternative fuel.
Regarding field and supervisory directives, President Sisi resolved two prominent issues; the first relates to the immediate formation of a committee of concerned authorities to inspect the lands allocated for tourist activities on the beaches, to ensure the freedom of citizens’ access to them and to prohibit any construction within a distance of 200 meters from the beach line without prior approval.
The second file stipulates the formation of a committee to inspect real estate projects in all governorates to ensure that companies adhere to delivering units on time, respecting contracts concluded with buyers, and completing the infrastructure, while holding violators accountable and submitting periodic reports to the Presidency on the measures taken.
