Qatari-Egyptian Investment Partnership: $30 Billion Investment by Qatari Diar in Alam El Roum, Egypt

Qatari-Egyptian Investment Partnership

Qatari-Egyptian Investment Partnership: $30 Billion Investment by Qatari Diar in Alam El Roum, Egypt

A Qatari-Egyptian investment partnership was signed today, Thursday, between Qatari Diar and the Egyptian government. The partnership entails the purchase and development of an integrated tourism and urban project in the Alam El Roum area on the North Coast, with total investments exceeding approximately $30 billion. Construction work on the project will commence immediately upon signing the partnership agreement.

According to Bloomberg, the project includes the development of an integrated tourist city spanning up to 60,000 acres. The initial master plan includes "world-class tourist resorts, luxury residential units, commercial and entertainment centers, in addition to a marina and advanced service facilities, similar to Ras El Hekma." 

Bloomberg reports that the first phase will occupy between 20% and 25% of the total project area, adding that the Egyptian government's share of the project's revenues "could reach 15% of total revenues after the completion of all phases."

The initial funding allocated to the project includes the right to use the project land, in addition to the infrastructure costs that the government will implement in the area. Alam El Roum, named for the presence of an ancient Roman fort, is located east of Marsa Matrouh and is a popular destination for fishing enthusiasts and family tourists thanks to its tranquil beaches and natural beauty.