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CNN Arabic
Alaa Mubarak on Suez Canal swap
Alaa Mubarak, the son of the former Egyptian president, responded to a proposal for a "Grand Exchange" suggesting transferring ownership of state assets—including companies, lands, and the Suez Canal—in exchange for settling domestic debts. He emphasized that the Suez Canal is a strategic facility and a symbol of national sovereignty, and that tampering with its ownership poses a significant risk to Egypt's national security. He clarified that some experts' hints at exchanging or mortgaging the Canal in an attempt to zero out debts constitutes a threat to sovereignty. He stressed the necessity of improving public finances and generating surpluses to reduce debt—rather than selling or mortgaging sensitive national assets. The Egyptian government also confirmed that proposals to transfer ownership of assets, including the Suez Canal, are unofficial, have been previously studied and rejected, as such measures do not contribute to reducing national obligations. Instead, debt reduction should be achieved through enhancing national revenues and improving public financial management.
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