Egypt and Qatar have signed a landmark investment agreement to develop the “Alam Al-Roum” area on Egypt’s northwestern coast into an integrated urban and tourism hub, with total investments estimated at USD 29.7bn, Invest-Gate reports.
The signing ceremony was witnessed by Prime Minister Dr. Mostafa Madbouly at the Cabinet headquarters in the New Capital. The agreement was signed between Eng. Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities, and H.E. Abdullah bin Hamad bin Abdullah Al-Attiyah, Minister of Municipality and Chairman of Qatari Diar, in the presence of Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan El Khatib, Qatari Diar CEO Eng. Ali Mohamed Al-Ali, and Sheikh Hamad bin Talal Al-Thani, Head of Development and Projects for Asia and Africa at Qatari Diar.
Under the agreement, Qatari Diar will develop 4,900.99 feddans (20,588,235 sqm) in the Samla and Alam Al-Roum area on Egypt’s northwestern coast. The project aims to establish a world-class mixed-use destination that includes residential communities, tourism and leisure projects, artificial lakes, golf courses, an international marina, two local marinas, power and water treatment plants, hospitals, schools, universities, and government facilities.
The financial structure includes a cash payment of USD 3.5bn, to be transferred before the end of 2025, and an in-kind component valued at USD 1.8bn in residential units. In addition, the New Urban Communities Authority (NUCA) will receive 15% of the project’s net profits after full cost recovery.
Prime Minister Dr. Mostafa Madbouly said the agreement represents a major milestone in Egyptian-Qatari relations, reflecting the strong ties between President Abdel Fattah El-Sisi and H.H. Sheikh Tamim bin Hamad Al Thani. “This partnership reaffirms our joint commitment to strengthening economic cooperation and attracting more foreign direct investment, contributing to sustainable development that benefits both nations,” he said.
H.E. Abdullah bin Hamad Al-Attiyah stated that the project marks a strategic step in enhancing the North Coast’s global position. “It reflects Qatar’s confidence in Egypt’s economic strength and supports the government’s efforts toward sustainable development. With investments estimated at USD 29.7bn and more than 250,000 direct and indirect jobs, this project embodies our long-term commitment to Egypt’s growth,” he said.
Eng. Ali Mohammed Al-Ali, CEO of Qatari Diar, emphasized that the “Alam Al-Roum” project will be a turning point in the development of Egypt’s North Coast. “The project spans more than 20mn sqm and will feature over 4,500 hotel rooms, setting new standards for tourism on the Mediterranean,” he said.
The project will be implemented through a dedicated company wholly owned by Qatari Diar, in coordination with NUCA to ensure compliance with planning and regulatory standards.