Egypt and Qatari Diar are set to sign a $29.7 billion agreement on Thursday to develop a large luxury project on Egypt’s Mediterranean coast, marking the biggest Qatari investment in the country to date.
Qatari Diar, the real estate arm of the Qatar Investment Authority (QIA), is set to sign a $29.7 billion agreement to develop a large-scale luxury project on Egypt’s Mediterranean coast, in what Reuters described as one of the largest foreign investments in Egypt’s property sector.
Egyptian officials and local media cited by Reuters said the deal was concluded with Egypt’s New Urban Communities Authority (NUCA) to develop the Alam Al-Roum area in Matrouh Governorate, about 480 kilometres northwest of Cairo.
Spanning roughly 1,985 hectares and featuring a 7.2-kilometre coastline, the project will include high-end residential complexes, hotels, marinas, schools, healthcare facilities, and public infrastructure – positioning it as a major luxury destination on Egypt’s North Coast.
The total investment includes a $3.5 billion cash payment for the land and an additional $26.2 billion allocated for infrastructure and construction.
Egypt’s housing ministry said the project was expected to generate around $1.8 billion in annual revenue, with the government set to receive 15 percent of profits after Qatari Diar recovers its costs.
The agreement follows Qatar’s earlier pledge of $7.5 billion in direct investment in Egypt, announced in April after President Abdel Fattah El-Sisi’s visit to Doha.
The move is seen as further strengthening economic ties between the two countries, whose relations have steadily improved since the restoration of diplomatic links in 2021 following the 2017 Gulf crisis.
During that dispute, Egypt – alongside Saudi Arabia, Bahrain, and the United Arab Emirates – cut diplomatic relations with Qatar and imposed an air, land, and sea blockade. The signing of the Al-Ula Declaration in 2021 marked the normalisation of relations.
By 2024, bilateral trade between Qatar and Egypt reached $221.2 million (approximately QAR 809 million).
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