Egypt and Qatar have signed a strategic partnership agreement to jointly develop a luxury real estate and tourism project along Egypt’s Mediterranean coast, according to Egyptian state television. The initiative forms part of Doha’s earlier pledge to invest $7.5 billion in Egypt to strengthen economic ties and support the country’s investment drive.
As reported by Reuters, Qatari Diar, the real estate subsidiary of Qatar’s sovereign wealth fund, will invest approximately $29.7 billion in the new coastal development at Alam Al-Roum, an undeveloped 7-kilometer (4.4-mile) stretch of shoreline located about 480 kilometers northwest of Cairo. The project will feature world-class amenities such as luxury resorts, golf courses, and marinas designed to position the area as a high-end tourism destination on the Mediterranean.
Under the terms of the agreement, Egypt will receive housing units valued at $1.8 billion as well as 15% of the project’s profits once Qatari Diar has recovered its initial investment, Egyptian Prime Minister Mostafa Madbouly announced during the signing ceremony held in Egypt’s New Administrative Capital.
Madbouly also revealed that Qatar will make a $3.5 billion payment in December for the land designated for the Alam Al-Roum project. Egyptian Finance Minister Ahmed Kouchouk clarified that this amount represents fresh foreign direct investment (FDI) rather than deposits, underscoring Cairo’s efforts to attract sustainable, long-term capital inflows.
The landmark deal marks a significant step in Egypt’s broader strategy to draw investment from Gulf nations to ease its fiscal challenges, as the country continues to grapple with high foreign debt, inflationary pressures, and a widening budget deficit.
Qatari Diar is already a major investor in Egypt, with assets including the St. Regis Cairo hotel and residences, as well as large-scale residential developments such as CityGate and NEWGIZA on the outskirts of Cairo. The new partnership at Alam Al-Roum further deepens the investment relationship between Cairo and Doha, potentially transforming Egypt’s northern coastline into a key regional tourism hub.
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