CAIRO, Nov. 6 (Xinhua) -- Egypt and Qatar on Thursday signed an investment agreement worth 29.7 billion U.S. dollars to develop a major real estate and tourism project on Egypt's Mediterranean coast, the Egyptian government said in a statement.
The deal was signed between the New Urban Communities Authority, a state-owned agency under Egypt's Ministry of Housing, Utilities, and Urban Communities, and Qatari Diar Real Estate Investment Company, the real estate arm of Qatar's sovereign wealth fund.
The deal aims to establish an integrated coastal development project in a land plot exceeding 20 million square meters in the Alam Al-Roum area of Matrouh province to attract residents and tourists throughout the year, according to the statement.
The project will include residential districts, tourism and commercial facilities, hotels, schools, universities and government service buildings, with the goal of transforming the area into a world-class coastal destination, it said.
During the signing ceremony, Egyptian Prime Minister Mostafa Madbouly described the agreement as "a major investment partnership with Qatar," noting that it reflects strong ties between the two countries and their shared interest in expanding economic cooperation.
Madbouly said Egypt will receive an initial 3.5 billion dollars cash payment before the end of 2025, followed by a second tranche in the form of residential units valued at about 1.8 billion dollars upon sale. Egypt will also obtain a 15-percent share of net project profits after Qatari Diar has fully recouped its investment costs, he added.
He said the project is expected to provide more than 250,000 jobs during construction and operation, and supports Egypt's strategy of boosting tourism.
Qatari Minister of Municipality and Chairman of Qatari Diar Abdullah bin Hamad bin Abdullah Al Attiya said the project represents a strategic step toward enhancing the area's position as an integrated global tourism destination, and reflects Qatar's commitment to supporting Egypt's sustainable development efforts.
