Cairo: Qatari Diar Real Estate Investment Company and Egypt's New Urban Communities Authority (NUCA) have entered into a significant investment partnership to develop the northwest coast of Egypt. The project, valued at approximately USD 29.7 billion, will span an area of around 4,900 acres along 7.2 kilometers of Mediterranean beaches.
According to Kuwait News Agency, the Egyptian Cabinet announced that the signing ceremony was attended by Egyptian Prime Minister Dr. Mostafa Madbouly. The agreement was formalized by Egyptian Minister of Housing Eng. Sherif Al-Sherbini and Qatari Minister of Municipality and Chairman of Qatari Diar Abdullah Al-Attiyah. Prime Minister Madbouly emphasized that the agreement underscores the strong ties between Egypt and Qatar.
The deal includes a cash payment of USD 3.5 billion to be transferred by the end of the year, alongside in-kind contributions worth USD 1.8 billion in residential units. Additionally, 15 percent of the project's profits will be allocated to NUCA after the recovery of full investment costs.
Qatari Minister Abdullah Al-Attiyah stated that the project is a strategic move to enhance Egypt's North Coast as an international destination, aligning with Qatar's commitment to Egypt's sustainable development. He highlighted that the project, one of the region's largest, is expected to generate over 250,000 jobs and demonstrate Qatari Diar's confidence in the Egyptian economy and the strategic importance of the project site.
Qatari Diar CEO Eng. Ali Al-Ali remarked that the endeavor marks a new milestone in Egypt's development of high-value tourism projects. He noted that the project will be executed by a special-purpose company wholly owned by Qatari Diar, in collaboration with NUCA, ensuring adherence to international standards. The project aims to create an integrated urban development featuring upscale residential areas, tourism and entertainment facilities, artificial lakes, golf courses, a marina, schools, and universities, transforming the "Alam El Roum" area into a world-class tourist and investment hub.