Mostaqbal Misr (Future of Egypt Authority for Sustainable Development) is preparing to take over 477 vacant land plots in the Red Sea governorate and offer them to investors in phases for tourism, real estate, and entertainment projects. Initial investments are estimated at 2 trillion Egyptian pounds ($40 billion), a source familiar with the governorate’s land portfolio told Al Manassa.
The land transfer comes as Mostaqbal Misr rapidly expands its economic footprint after a new law gave it broad powers to manage development zones and enter partnerships across a wide range of sectors.
The source, who requested anonymity, said the authority would allocate the land according to the nature of each plot for projects that would also include hotel and commercial activities. The estimated investment would rise over time because of the lengthy allocation and development period, the source added.
The plots will be offered to investors over eight to 10 years because of their number and to maximize their investment value, the source said.
Of the 477 plots, 324 are in Marsa Alam, 121 in Hurghada, 29 in Quseir, two in Ras Ghareb and one in Safaga, according to the source.
The Red Sea governorate recently instructed officials in the five cities to take the necessary steps to hand over the land to Mostaqbal Misr and prepare handover documents, according to a report by Al-Masry Al-Youm on Sunday. A separate document must be prepared for each plot, accompanied by an official certificate confirming it has not previously been allocated to another party or otherwise legally disposed of.
The governorate stressed that the matter should be treated as “important and urgent” and instructed officials to complete the required documents by Sunday.
The directive is intended to document each plot’s legal status and ensure it has not previously been allocated or transferred to another entity or individual, helping to avoid legal disputes before the land is handed over to Mostaqbal Misr, the source said.
Last month, the Red Sea governorate assigned management of the plots to the authority, along with another 185 plots the governorate had reclaimed from investors who failed to meet development requirements and had completed less than 25% of their projects.
Mostaqbal Misr first came to public attention in May 2022, when President El-Sisi inaugurated the Mostaqbal Misr for Sustainable Agriculture project along the Rod El-Farag-Dabaa Corridor as the nucleus of an 800,000-feddan (3,360 square kilometer) land reclamation project in the New Delta.
Its role later expanded to include exclusive control over the import and export of several strategic commodities, including wheat, rice, and oils, as well as the management of some lakes and fisheries and activities in housing and renewable energy.
In July, El-Sisi signed a law reorganizing the authority. The law expanded its role beyond implementing projects, giving it powers to designate and manage “sustainable development zones,” set strategies for their development and operation, and bring in private-sector and international partners to finance, manage, and operate them.
