Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, part of Doha’s 7.5 billion US dollar investment pledge to Cairo aimed at supporting the country’s struggling economy.
Egyptian Prime Minister Mostafa Madbouly said at a signing ceremony held in Egypt’s New Administrative Capital that Qatar will pay 3.5 billion US dollars in December for the land allocated to the Alam Al Roum project. The land payment forms part of a 29.7 billion US dollar investment by Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, in the project, which would include golf courses and marinas on an undeveloped 7 kilometer stretch of coastline about 480 kilometers northwest of Cairo.
The 3.5 billion US dollars will be fresh Foreign Direct Investment (FDI), and not deposits, and will be used to lower debt and improve Egypt’s economic indicators, Egyptian Finance Minister Ahmed Kouchouk told Reuters. Egypt will also receive housing units valued at 1.8 billion US dollars and 15 percent of the project’s profits after Qatari Diar recovers its investment costs, Madbouly said.
The project is located in Alam Al Roum area of Matrouh governorate. It covers an area of approximately 1,985 hectares, stretching along a waterfront of about 7.2 kilometers. The project includes the construction of upscale residential neighborhoods, golf courses, yacht marinas, as well as educational, governmental, and service facilities, making it a year round residential and tourism destination.
The project aims to transform Alam El Roum into a comprehensive tourism and investment destination. It will feature upscale residential complexes and neighborhoods, tourism and entertainment projects, open artificial lakes, and a marina for yachts, including one international and two inland local marinas. The project will also include complete infrastructure, such as a service free zone, electricity distribution and water desalination and treatment plants, hospitals, schools, universities, and several government offices.
The signing ceremony was attended on the Egyptian side by Prime Minister Mostafa Madbouly, Minister of Finance Ahmed Kouchouk, and Minister of Housing, Utilities, and Urban Communities Sherif El Sherbini. On the Qatari side, it was attended by Minister of Municipality and Chairman of the Board of Directors of Qatari Diar Abdullah bin Hamad bin Abdullah Al Attiyah, Chief Executive Officer of Qatari Diar Ali Mohammed Al Ali, and Chief Development and Project Delivery Officer for Asia and Africa at Qatari Diar.
Abdullah bin Hamad bin Abdullah Al Attiyah said the project represents a strategic step towards further positioning the north coast as a world class integrated destination. It reflects Qatar’s commitment through Qatari Diar to supporting the Egyptian government’s efforts to achieve sustainable development and activate coastal areas all year round.
Ali Mohammed Al Ali emphasized that the Alam El Roum project represents a new step in developing luxury destinations in Egypt, as part of a series of strategic investments targeting high value tourist destinations. He added that the project will be a landmark in the development of the North Coast and a global destination that will redefine tourism standards on the Mediterranean.
Egypt has for years sought to attract foreign investment, particularly from wealthy Gulf states, as it struggles with heavy foreign debt and a widening budget deficit. Egypt, mired in its worst economic crisis in decades, is betting big on its 3,000 kilometer coastline as a revenue source.
The International Monetary Fund (IMF) held up disbursements to Egypt under a biannual review due to a delay in Qatari investment that Cairo had told the IMF would materialize by June, two financial sources said. The deal could unlock 2.5 billion US dollars in IMF funding after delays linked to unmet investment promises.
Qatari Diar’s existing holdings in Egypt include the St. Regis Cairo hotel and apartments and CityGate and NEWGIZA, planned residential developments on the outskirts of Cairo. This investment will be the largest from Qatar since diplomatic relations were restored following a period of tension from 2017 to 2021.
The investment was announced during a visit by Egyptian President Abdul Fattah Al Sissi to Qatar in April 2025, when Doha announced plans to invest 7.5 billion US dollars. The Qatari investment is seen as a strategic counterpart to the United Arab Emirates’ Ras El Hekma development.
