Egypt’s government faces new opposition to its plan to develop the lands surrounding the Suez Canal, in part because the projects could use the land to issue sukuk. Critics say that this would put the lands at risk of being taken by foreign investors in case of a default and the government has not provided sufficient clarity to refute these fears. What is needed is a simple acknowledgement that any sukuk would be asset-based, which is likely not the message President Mursi wishes to communicate prior to an election.
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