Tourexpi
Egypt and Qatar have signed a landmark $29.7 billion
agreement to develop a large-scale tourism and real estate project on Egypt’s
Mediterranean coast — a venture set to transform the northwestern Matrouh
governorate into a leading international destination for travel, leisure, and
sustainable living.
The deal, signed by Egyptian Housing Minister Sherif
El-Sherbiny and Qatari Minister of Municipality Abdullah Al Attiyah,
establishes an investment partnership between Egypt’s New Urban Communities
Authority and Qatari Diar Real Estate Investment Company. It covers a 4,900-acre
(205.88 million sq. m.) coastal area in Samala and Alam Al-Roum, designed to
integrate high-end living with world-class tourism infrastructure.
A new Mediterranean tourism hub
The project’s masterplan includes luxury resorts,
entertainment venues, open artificial lakes, golf courses, and an international
marina, along with two local marinas to support yachting and leisure
activities. Complementary developments will include desalination plants,
schools, hospitals, and cultural centers, creating a fully integrated coastal
destination that blends hospitality, recreation, and community life.
Egyptian Prime Minister Mostafa Madbouly noted that
the project aligns with the country’s goal of expanding premium coastal tourism
and diversifying investment opportunities. Land will be allocated to Qatari
investors under a cash and in-kind contribution model, ensuring shared returns
for Egypt’s New Urban Communities Authority.
Qatari Minister Al Attiyah described the development
as “one of the region’s most significant investment ventures,” highlighting its
economic and social impact, including the creation of over 250,000 direct and
indirect jobs.
With this agreement, Egypt takes another major step
toward its target of attracting $42 billion in foreign direct investment in
fiscal year 2025–2026, while reinforcing its position as one of the
Mediterranean’s most dynamic and promising tourism and lifestyle destinations.
Image
Credit: © AA
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