The official gazette reported on Tuesday that Egypt had allocated a plot of 174 square kilometers (67 square miles) on the Red Sea Coast to the Finance Ministry for use in Islamic Bond issuances as well as in efforts to reduce the country's debt.

The gazette didn't elaborate on the use of the land, but Egypt - which is mired in an economic crisis - signed a 35 billion dollar deal with the United Arab Emirates at the beginning of last year for the development of a 170-square kilometer tract along the Mediterranean Coast.

Egypt has sought similar large-scale investment since then as it attempts to overcome its economic crisis.

According to news reports and investment bankers, it has been in discussions with Saudi Arabia and Qatar to try and attract large investments.

Ahmed Kouchouk, the Finance Minister, said in April that Egypt plans to issue $2 Billion in sukuks or Islamic bonds in 2025.

(source: Reuters)