Egypt and Qatar Forge Luxury Coastal Development Deal

In a significant move to bolster economic ties, Egypt and Qatar have signed a major partnership agreement to develop a luxury real estate and tourism project along Egypt's Mediterranean coast. This development is a part of Doha's substantial $7.5 billion investment commitment to Cairo.

The project, located in Alam Al-Roum, a pristine 7-kilometer stretch of coastline approximately 480 kilometers northwest of Cairo, is set to transform the area into a high-end tourist destination. As reported by Reuters, Qatari Diar, the real estate arm of Doha's sovereign wealth fund, will invest a staggering $29.7 billion to bring this ambitious project to life, featuring world-class golf courses and marinas.

This initiative comes as Egypt continues to seek substantial foreign investment, particularly from affluent Gulf nations, amidst ongoing challenges with heavy foreign debt and a widening budget deficit. The partnership with Qatar marks a crucial step in addressing these economic issues while attracting high-end tourism and real estate development.