Qatari Diar Real Estate Investment Company has signed a major investment partnership with Egypt’s New Urban Communities Authority to develop a $29.7 billion integrated urban tourism project. The development will transform the Alam El Roum area in the Matrouh Governorate, situated on the country’s northern Mediterranean coast. Spanning approximately 4,900 acres with a 7.2-kilometre beachfront, the project is set to become one of the largest of its kind in the region.
The signing ceremony was attended by high-level officials from both nations, including Egyptian Prime Minister Dr Mostafa Madbouly and Qatari Minister of Municipality Abdullah bin Hamad bin Abdullah al-Attiyah.
Project Scope and Vision
The development aims to establish Alam al-Roum as a comprehensive tourism and investment destination. Plans include upscale residential complexes, commercial and service areas, and extensive tourism and entertainment facilities. The project will feature artificial lakes, golf courses, and three yacht marinas, one of which will be international.
A complete infrastructure network will support the new city, incorporating a service free zone, electricity distribution plants, and water desalination and treatment facilities. It will also house hospitals, schools, universities, and several government offices. The land use is allocated with approximately 60% for residential purposes, 15% for services, and 25% for roads and open green spaces. This initiative is part of a broader effort to boost Gulf tourism and create year-round destinations.
Financial Terms and Economic Impact
The agreement outlines a cash payment of $3.5 billion and an in-kind consideration of 396,000 square metres of built-up area, which is expected to generate at least $1.8 billion in revenue from sales. Additionally, the New Urban Communities Authority will receive 15% of the project’s profits after Qatari Diar recovers its full investment costs.
With a total investment of nearly $29.7 billion, the project is anticipated to create more than 250,000 direct and indirect job opportunities, providing a significant boost to the local and national economy. Ali Mohammed al-Ali, CEO of Qatari Diar, stated the development will feature over 4,500 hotel rooms across more than 20 million square metres.
A Partnership Reflecting Strong Bilateral Ties
Egyptian Prime Minister Dr Mostafa Madbouly described the agreement as a major investment partnership that reflects the deep fraternal relations between Egypt and Qatar. He noted it embodies the vision of President Abdel Fattah al-Sisi and His Highness the Amir Sheikh Tamim bin Hamad al-Thani for integrated economic cooperation. The Prime Minister also reaffirmed his government’s commitment to removing obstacles for investors, highlighting the project as a sign of confidence in the Egyptian economy.
For his part, HE Abdullah bin Hamad bin Abdullah al-Attiyah said the project is a strategic step that “embodies Qatar’s commitment as a partner in supporting the Egyptian government’s efforts to achieve sustainable development.” He added that it reflects Qatari Diar’s confidence in the strength of the Egyptian economy and the value of investing in the country’s unique geographical location. This kind of partnership to accelerate growth is seen as a key driver for regional development.
The project will be implemented by a special-purpose company wholly owned by Qatari Diar, working in coordination with Egyptian authorities to ensure the design and execution meet the highest international standards. It is positioned to become a landmark development that redefines tourism on the Mediterranean coast.
