Egypt and Qatar tackle North Coast together

Egypt and Qatar are embarking on a significant collaborative venture in the real estate sector, with plans for a major investment project on Egypt's North Coast. This initiative was announced during a meeting between Egyptian Prime Minister Mostafa Madbouly and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani in Cairo. It marks another step in the deepening partnership between the two nations, promising economic growth and opportunities in various sectors.

North Coast: A Strategic Investment Hub

The North Coast has emerged as a prime target for real estate investments, thanks to its scenic beaches, luxury resorts, and expanding infrastructure. This new project, supported by Qatari expertise, aims to capitalize on the region’s potential. Qatar’s Minister of Municipality, Abdullah bin Hamad Al Attiya, emphasized the project's importance and confirmed ongoing consultations with Egyptian planners.

The collaboration follows other large-scale developments in the region, such as the $21 billion SouthMED City and the Emirati-backed Ras El-Hekma project, highlighting the North Coast's growing appeal for international investors.

Qatar's Construction Expertise: A Valuable Asset

Prime Minister Madbouly praised Qatari construction companies for their world-class expertise, showcased during the FIFA World Cup 2022. This track record positions Qatari firms as valuable partners in Egypt’s burgeoning real estate market.

"These partnerships could extend beyond the North Coast, exploring opportunities in other regions or joint ventures with Egyptian firms targeting African markets," Madbouly stated. Sheikh Mohammed bin Abdulrahman Al Thani echoed these sentiments, underscoring Qatar’s history of successful real estate ventures in Egypt.

Boosting Trade and Manufacturing Cooperation

The discussions also focused on enhancing trade and industrial ties. Both sides emphasized the potential for increased trade exchange and collaborative manufacturing projects.

Egypt highlighted its position as a gateway to African markets and its extensive free trade agreements, presenting opportunities for export-driven partnerships. Qatar reaffirmed its interest in leveraging these advantages, with Sheikh Mohammed emphasizing the positive outcomes of existing collaborations in the industrial sector. He tasked Qatari agencies with setting actionable goals to double trade exchange rates between the two countries.

Tourism and Hospitality: Unlocking Potential

Qatar expressed keen interest in Egypt’s tourism and hospitality sector, particularly along the North Coast. Madbouly welcomed this enthusiasm, offering further opportunities in Greater Cairo and the New Administrative Capital (NAC). These initiatives include potential acquisitions and partnerships with Egyptian private sector firms, signaling rapid progress in this domain.

Expanding Infrastructure and Logistics

The talks extended to infrastructure and logistics, with Qatar exploring opportunities to establish data centers and invest in ports and logistics zones in Egypt. Madbouly highlighted strategic projects in New Alamein City and Greater Cairo, which offer robust energy resources to support such developments.

The leaders also committed to continuing the Egyptian-Qatari Investment Forum, whose inaugural session was held in Cairo in 2023, to strengthen dialogue and cooperation.

A Flourishing Bilateral Relationship

Egypt and Qatar’s relationship has grown stronger in recent years, marked by increased high-level visits and diverse investments. Currently, 160 Qatari companies are operating in Egypt, with investments totaling nearly $2 billion. This collaboration signals a shared vision for economic growth and mutual benefit.

Earlier in the day, Egyptian President Abdel-Fattah El-Sisi met with the Qatari PM, discussing broader issues of mutual interest, further cementing ties between the nations.

Conclusion
The planned North Coast real estate project underscores the deepening cooperation between Egypt and Qatar. By leveraging their respective strengths, the two countries aim to create transformative economic opportunities in real estate, manufacturing, trade, and infrastructure. This partnership not only bolsters bilateral relations but also positions both nations as dynamic players in the regional economy.