Prime Highlight:
- Egypt and Qatar signed a major partnership to develop the $29.7 billion Alam Al-Roum luxury real estate and tourism project.
- The deal is expected to boost foreign investment, reduce Egypt’s debt, and strengthen economic indicators.
Key Facts:
- Qatar will pay $3.5 billion in December for the land, and Egypt will also receive housing units worth $1.8 billion plus 15% of project profits after investment recovery.
- Alam Al-Roum will feature golf courses, marinas, and luxury resorts along a 7-kilometer stretch of Mediterranean coastline, about 480 kilometers northwest of Cairo.
Background
Egypt and Qatar have signed a major partnership to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, boosting foreign investment in the country’s economy. The project, named Alam Al-Roum, will be developed by Qatari Diar, the real estate arm of Qatar’s sovereign wealth fund, with a total investment of $29.7 billion.
At a signing ceremony held in Egypt’s New Administrative Capital, Prime Minister Mostafa Madbouly announced that Qatar will pay $3.5 billion in December for the land allocated to the project. The payment will come as fresh foreign direct investment (FDI) and not deposits, according to Finance Minister Ahmed Kouchouk, who said the funds will help reduce debt and improve Egypt’s economic indicators.
Under the agreement, Egypt will also receive housing units worth $1.8 billion and 15% of the project’s profits once Qatari Diar recovers its investment. The Alam Al-Roum development will include golf courses, marinas, and luxury resorts spread across a 7-kilometer stretch of coastline, located about 480 kilometers northwest of Cairo.
The deal is part of Doha’s $7.5 billion investment pledge to Cairo and comes as Egypt faces heavy foreign debt and a widening budget deficit. Madbouly described the negotiations with Qatari Diar as “long and bitter,” but emphasized their strategic importance.
The project is seen as Qatar’s counterpart to the UAE’s Ras El-Hekma development, launched last year. Housing Minister Sherif El-Sherbiny confirmed that Ras El-Hekma’s development is progressing well, with construction work already underway.
