Qatari Diar's Massive Mediterranean Development Deal

Qatari Diar, the real estate subsidiary of Doha's sovereign wealth fund, is set to embark on an ambitious venture on Egypt's Mediterranean coast. This $29.7 billion project represents a strategic collaboration with Egypt's New Urban Communities Authority, as reported by a knowledgeable source on Wednesday.

The deal involves a significant land purchase worth $3.5 billion and a substantial in-kind investment of $26.2 billion. The endeavor will convert a 4,900-acre site into a vibrant development along a 7.2 km stretch of pristine coastline.

This move underscores Qatar's expanding influence in the region and promises to deliver an economic boost through real estate and infrastructure development.