Egypt and Qatar Forge Billion-Dollar Coastal Real Estate Partnership
Egypt and Qatar signed a deal for a luxury real estate project on Egypt's Mediterranean coast, part of a $7.5 billion investment by Doha. The project will feature golf courses and marinas in Alam Al-Roum. Egypt will benefit from housing units and profits after costs are recouped.
In a move to bolster foreign investment, Egypt and Qatar have sealed a significant partnership to develop an upscale real estate and tourism venture along Egypt's Mediterranean coast. This collaboration is part of a broader $7.5 billion financial commitment from Doha to Cairo, as reported by Egyptian state television.
The Qatari Diar, a real estate entity under Doha's sovereign wealth fund, is slated to channel $29.7 billion into the project. This ambitious endeavor will introduce golf courses and marinas to Alam Al-Roum, a 7-kilometer stretch located roughly 480 kilometers northwest of the Egyptian capital. In exchange, Egypt will gain housing units valued at $1.8 billion and a share of the profits once Qatari Diar recoups its initial investments, as stated by Egyptian Prime Minister Mostafa Madbouly during the ceremonial signing.
Further emphasizing the project's magnitude, Qatar plans to inject $3.5 billion in fresh Foreign Direct Investment for the land dedicated to Alam Al-Roum in December, clarifying that these funds will not be in the form of deposits, noted Egyptian Finance Minister Ahmed Kouchouk. The country has been aggressively pursuing investments from wealthy Gulf nations amidst its mounting foreign debt and fiscal struggles.
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