Qatar Signs $29.7 Billion Deal to Develop Mega Coastal Project in Egypt
Egypt and Qatar have signed a landmark $29.7 billion investment agreement to build a vast real estate and tourism complex along Egypt’s Mediterranean coast — the largest Qatari investment in the country since diplomatic ties were restored in 2021.
The deal was formalized Thursday between Egypt’s New Urban Communities Authority and Qatari Diar, the real estate arm of Doha’s sovereign wealth fund. The project, to be developed in the Alam Al-Roum area of Matrouh province, will span more than 20 million square meters and transform a previously undeveloped stretch of coastline into a luxury destination featuring residential neighborhoods, resorts, marinas, golf courses, hotels, schools, universities, and government service centers.
Egyptian Prime Minister Mostafa Madbouly, who attended the signing ceremony, called the agreement “a major investment partnership with Qatar,” describing it as a reflection of “the strong and growing ties” between the two countries. He said the project would generate over 250,000 jobs and contribute significantly to Egypt’s tourism and economic recovery.
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Under the agreement, Egypt will receive $3.5 billion in cash by the end of 2025, followed by $1.8 billion worth of residential units upon sale, and 15% of the project’s net profits after Qatari Diar recoups its investment. The development is expected to yield annual revenues of about $1.8 billion, part of which will go to Egypt’s New Urban Communities Authority.
Qatari Minister of Municipality and Qatari Diar Chairman Abdullah bin Hamad Al Attiya said the project “marks a strategic step toward positioning the region as a premier international tourism destination” and demonstrates Doha’s long-term commitment to supporting Egypt’s sustainable growth.
The Alam Al-Roum project forms part of a broader $7.5 billion investment pledge by Qatar, which Cairo hopes will help stabilize its struggling economy and unlock further International Monetary Fund support.
Officials view the venture as a strategic counterpart to the United Arab Emirates’ Ras El-Hekma development, as Egypt races to attract Gulf investment to its northern coast. Qatari Diar already has major holdings in the country, including the St. Regis Cairo and NewGiza developments.
