Today in New Alamein City, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of Finance, Mr. Ahmed Kouchouk.

Spokesman for the Presidency Ambassador Mohamed El-Shennawy said that during the meeting, a briefing was provided on the latest developments regarding hedging against global oil price fluctuation risks for FY 2025/2026 and FY 2026/2027. The Minister of Finance also reviewed progress in the implementation of the real estate tax facilitation package, including the introduction of a mobile application for the first time, as well as the measures taken to simplify its usage procedures. Mr. Kouchouk noted that a similar application and system specifically for the real estate disposal tax will be launched in the coming days.

Ambassador El-Shennawy noted that President El-Sisi approved a proposal to issue tax certificates (tax sukuk) funded by taxpayers, which will be deducted from their future tax liabilities. These certificates will carry a favorable and suitable yield, contributing to reduced financing requirements and, consequently, debt-servicing costs.

The Minister of Finance also reviewed the final financial performance for FY 2025/2026, including the key financial and economic indicators included in the FY 2025/2026 budget. In this context, the Minister of Finance noted that Egypt’s real GDP growth rate reached 5.2% during the first nine months of FY 2025/2026, stressing that most economic and financial performance indicators had improved over the past year. This includes reducing the external debt value of budget entities, broadening the tax base through the simplification and automation of procedures, and boosting non-tax revenues. Furthermore, there has been a notable, significant improvement in the performance of the financial markets and the Egyptian Stock Exchange, along with a tangible improvement in the cost of default risk insurance and the yield on Egyptian state bonds.

Furthermore, Mr. Kouchouk offered a briefing on the tax facilitation packages, announcing that the laws comprising the second package of tax facilitation measures had entered into force following President El-Sisi’s ratification. The Minister emphasized that the package reflects the State’s approach to supporting growth, simplifying procedures, and reducing burdens, thereby contributing to enhancing the competitiveness of the Egyptian economy and establishing a more business conducive environment for investment. In this regard, the Minister of Finance noted that the business community had responded with strong confidence to the tax facilitation initiative, which was reflected in the significant increase in tax revenues during the past fiscal year.

In this context, President El-Sisi stressed the necessity to further develop the tax system, while improving all tax services, providing additional facilitation measures, and building trust with investors. The President gave directives to launch the third package of tax facilitation measures.

The meeting also reviewed developments in the debt indicators of budget entities. It was emphasized that the government had successfully reduced the budget entity debt as a percentage of GDP by approximately 13.2% over the past two years. It was further affirmed that the government is also targeting a significant and substantial improvement in these debt indicators to create greater fiscal space to support citizens and investors.

The Minister also 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. These initiatives would help reduce implementation costs while benefiting all relevant parties.

During the meeting, the President underscored the importance of the strict enforcement of relevant laws, legislation, and presidential decrees regarding the utilization of lands designated for tourism activities along Egyptian beaches. In this regard, the President directed the immediate formation of a committee comprising relevant state bodies to inspect the situation on the ground to ensure free public access to beaches in accordance with applicable regulations, and to prohibit any construction or works within 200 meters of the shoreline without obtaining prior approval from competent state authorities.

The President also instructed the formation of a committee to inspect various ongoing real estate projects across all governorates to ensure that units are delivered on schedule without delay, relevant contracts signed with buyers are respected, and project infrastructure is completed, while holding violators accountable and keeping the President periodically informed of all measures taken in this regard.