Egypt receives $3.5 bln in Qatar-backed Alam El-Roum development deal

Egypt has received $3.5 billion as part of an investment deal to develop a land plot in the Samala and Alam El-Roum area in Marsa Matrouh on the country’s northwestern coast, the government said on Tuesday.

The project, located in Matrouh Governorate, is a partnership between Egypt’s Ministry of Housing, Utilities, and Urban Communities—represented by the New Urban Communities Authority (NUCA) —and Qatar’s Diar Real Estate Company. The contract for the development was signed on 6 Nov.

According to a Cabinet statement, the payment represents the first portion of the agreement, consisting of a cash component. A second portion involves “in-kind consideration,” including residential units within the project, whose sales upon delivery are expected to generate about $1.8 billion.

Under the agreement, the New Urban Communities Authority is also entitled to 15 per cent of the project’s net profits, including those of the Diar and affiliated entities, after full recovery of the investment costs.

The deal reflects directives from Egyptian President Abdel Fattah El-Sisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani to strengthen economic cooperation, deepen bilateral ties, and promote sustainable development benefiting both nations, the statement added.

Attribution: Amwal Al Ghad English