URGENT: Egypt, Qatar sign $29.7b deal to develop North Coast mega project

Egypt and Qatar signed a $29.7 billion investment deal on Thursday to jointly develop a vast tourism and urban project along Egypt’s northwestern Mediterranean coast, marking a new phase of Qatari direct investments in the country.

According to a live broadcast by the Egyptian Cabinet, the agreement, signed between Egypt’s New Urban Communities Authority (NUCA) and Qatar’s Diar Real Estate Company, covers the development of the Samala and Alam El-Roum area in Marsa Matrouh. The project is part of Egypt’s national strategy to transform the North Coast into a global tourism and investment destination under Vision 2030.

The signing took place in Cairo in the presence of Prime Minister Moustafa Madbouly, Egypt’s Minister of Housing Minister Sherif El-Sherbiny, and Qatar’s Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiya, who also chairs Diar’s board.

The project spans more than 20 million square metres and includes 7 km of beachfront, with investments expected to reach $29.7 billion upon completion. It will feature luxury hotels, residential units, commercial areas, and integrated services designed to boost tourism, create tens of thousands of jobs, and attract regional and global investors.

Al-Attiyah said the project underscores the “deep brotherly ties” and shared vision between Egypt and Qatar for “a more stable and sustainable future.” He added that the development will strengthen economic integration between the two countries and position Egypt as a regional hub for sustainable tourism and investment.

The agreement marks the latest in a series of strategic partnerships between Egypt’s government, domestic private developers, and Gulf investors to advance large-scale development projects along the North Coast, Red Sea, and Greater Cairo.

Attribution: Amwal Al Ghad English