Egypt and Qatar sign $29B tourism and real estate development deal on Mediterranean coast

Egypt

Landmark investment to create a world-class tourism, leisure, and residential destination in northwest Egypt

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.