• Qatari Diar will invest USD 29.7B to develop Egypt’s North Coast, including luxury neighbourhoods, marinas, schools, and government facilities.
• The project covers 1,985 hectares along a 7.2 km coastline, with USD 3.5B for land and USD 26.2B construction.
• Expected annual revenue is USD 1.8B, with 15% allocated to Egypt’s New Urban Communities Authority after cost recovery.

Qatari Diar

According to Reuters, Qatari Diar, the real estate arm of the Qatar Investment Authority, will invest USD 29.7 billion to develop a project on Egypt’s Mediterranean coast. 

The development will be located on Alam Al-Roum, an undeveloped stretch of coastline spanning 480 kilometres. It will include luxury neighbourhoods, golf courses, marinas, schools, universities and government facilities.

The agreement with Egypt’s New Urban Communities Authority includes a payment of $3.5 billion for the land. Additionally ,it includes an investment of USD 26.2 billion to build the project. It will cover an area of 1,985 hectares (4,900 acres) along a 7.2 km stretch of coastline.

This large scale urban development project is Qatar’s first large investment since pledging USD 7.5 billion in investments to Egypt. Furthermore, this investment in Egypt’s eastern Matrouh Governorate aims to foster economic growth.

The development is expected to generate annual revenue of at least USD 1.8 billion. Moreover, 15 percent of which will be allocated to the New Urban Communities Authority after the company generates its total investment cost.

This investment is seen as part of Egypt’s broader push to attract regional investment to its North Coast. It is also part of the nation’s strategy to position its coast as a Mediterranean tourism and investment destination.

Bottom line: This investment marks a significant step in Egypt’s strategy to attract regional capital and develop its North Coast.