Cairo: Qatari Diar Real Estate Investment Company has signed an investment partnership agreement with Egypt's New Urban Communities Authority to implement an integrated urban tourism project in the Alam El Roum area on the North Coast of Matrouh Governorate. The project will adhere to international standards and is expected to transform the region into a comprehensive tourism and investment destination.
According to Qatar News Agency, the project covers approximately 4,900 acres, stretching 7.2 kilometers along the Mediterranean coastline, with total investments estimated at more than USD 29.7 billion. The signing ceremony was attended by several dignitaries, including Egypt's Prime Minister Dr. Mostafa Madbouly and Qatari Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiyah.
The development aims to feature residential complexes, tourist attractions, commercial spaces, and essential services. Plans include upscale neighborhoods, tourism and entertainment projects, artificial lakes, golf courses, and a marina for yachts. Infrastructure developments will consist of a service free zone, electricity distribution, water desalination and treatment plants, hospitals, schools, universities, and government offices. The project is expected to attract investments, boost economic growth, and create numerous job opportunities.
The agreement stipulates a cash price of USD 3.5 billion and an in-kind consideration of 396,000 square meters of built-up area. The expected revenue from sales is at least USD 1.8 billion. Additionally, 15 percent of the project's profits will be allocated to the New Urban Communities Authority post-recovery of investment costs. The land use distribution includes residential land (60 percent), service areas (15 percent), and roads, squares, and green spaces (25 percent), with land delivered in two main phases and several sub-phases.
Egyptian Prime Minister Dr. Mostafa Madbouly highlighted the agreement as a significant investment partnership that underscores the strong relations between Egypt and Qatar. He emphasized the importance of economic cooperation between the two countries and the government's dedication to facilitating investment opportunities and removing obstacles for investors.
Qatari Minister Abdullah bin Hamad bin Abdullah Al Attiyah noted that the project enhances Egypt's North Coast as a global destination and aligns with Qatar's commitment to supporting sustainable development in Egypt. The project is anticipated to create over 250,000 direct and indirect job opportunities and reflects Qatari Diar's confidence in the Egyptian economy.
CEO of Qatari Diar, Eng. Ali Mohammed Al Ali, stated that the "Alam El Roum" project represents a new step in luxury destination development in Egypt and will redefine tourism standards on the Mediterranean. The project, managed by a special-purpose project company owned by Qatari Diar, will adhere to international standards in collaboration with the New Urban Communities Authority.