Egypt, Qatar sign $29.7B deal for real estate project on Mediterranean coast

By Hussien Elkabany and Rania Abu Shamala

CAIRO/ISTANBUL (AA) - Egypt signed a major real estate deal with Qatar on Thursday to inject investments worth $29.7 billion into an urban development project on the country’s Mediterranean coast.

The agreement was signed by Egyptian Housing Minister Sherif El-Sherbiny and Qatari Minister of Municipality and Chairman of Qatari Diar Company Abdullah Al Attiyah.

An Egyptian government statement said the deal establishes an investment partnership between Egypt’s New Urban Communities Authority, and Qatari Diar Real Estate Investment Company.

The agreement involves developing and urbanizing a 4,900.99-acre (205.88 million square meter) land plot in the Samala and Alam Al-Roum area on Egypt’s northwestern Mediterranean coast in Matrouh governorate, the statement said.

The project includes the construction of high-end residential neighborhoods, as well as tourism and entertainment facilities, open artificial lakes, golf courses, an international marina, and two local marinas. It will also feature electricity distribution stations, desalination and water treatment plants, hospitals, schools, universities, and several government buildings.

Egyptian Prime Minister Mostafa Madbouly said a plot of land will be allocated to the Qatari investor, in return for both cash and in-kind payments, along with a profit share for the New Urban Communities Authority.

Qatari minister Al Attiyah said the project “represents one of the region’s most significant investment ventures, with an estimated investment value of around $29.7 billion,” adding that the project is expected to “create more than 250,000 direct and indirect job opportunities.”

Egypt aims to attract $42 billion in foreign direct investment during the 2025–2026 fiscal year, according to media reports.