Qatari Diar to invest $29.7 billion in project on Egypt's Mediterranean coast
Qatari Diar, the real estate arm of Doha's sovereign wealth fund, will invest $29.7 billion in a luxury development including golf courses and marinas on Egypt's Mediterranean coast, a source with direct knowledge said on Wednesday.
The development aims to turn Alam Al-Roum, an undeveloped 7-km (4.4 mile) stretch of coastline 480 km northwest of Cairo, into a year-round destination that will attract tourists and will also have luxury neighbourhoods, schools, universities and government facilities.
Egypt has for years been pushing to secure foreign investments, especially from wealthy Gulf states, as it seeks to tackle heavy foreign debts and a gaping budget deficit.
The development would be the largest Qatari investment in the country since diplomatic relations were restored following the 2017–2021 economic rift when Egypt, Saudi Arabia, the UAE and Bahrain cut ties with Qatar, accusing it of supporting terrorism and aligning too closely with Iran, charges Doha denied.
LAND AND IN-KIND INVESTMENT TERMS
The agreement with Egypt's New Urban Communities Authority includes a payment of $3.5 billion for the land and an in-kind investment of $26.2 billion to build the project that will cover an area of 1,985 hectares (4,900 acres), the source said.