Qatari Diar, the real estate division of Doha’s sovereign wealth fund, plans to invest $29.7 billion in a luxury development along Egypt’s Mediterranean coast. This project aims to develop a 7-km stretch of coastline called Alam Al-Roum, located 480 km northwest of Cairo, into a year-round tourist destination featuring golf courses, marinas, luxury neighborhoods, schools, universities, and government facilities.
Egypt is seeking foreign investments to address its foreign debt and budget deficit. This investment will be the largest from Qatar since diplomatic relations were restored following a period of tension from 2017 to 2021. The agreement with Egypt’s New Urban Communities Authority involves a $3.5 billion payment for land and a $26.2 billion investment for project construction across 1,985 hectares.
The Egyptian government announced that Prime Minister Mostafa Madbouly would witness the signing of a partnership deal to develop the “Similla and Alam Al-Roum” area in Matrouh province. This deal is part of a larger $7.5 billion investment from Qatar, which may help unlock $2.5 billion in funds from the International Monetary Fund’s financial support package, with previous delays due to Qatar’s investments.
The project is expected to generate $1.8 billion in annual revenue, with a portion going to the New Urban Communities Authority after recouping costs. Qatari Diar already holds properties in Egypt, including the St. Regis Cairo hotel and residential developments.
With information from Reuters