Qatar is preparing to sign a partnership agreement with Egypt’s New Urban Communities Authority to invest approximately $29.7 billion in developing a large-scale tourism project in the Alamein Al-Roum area on the North Coast, according to media reports.
The agreement includes a payment of $3.5 billion for the land, in addition to an in-kind investment of $26.2 billion to develop the project, which will span 4,900 acres and cover about 7.2 kilometers of coastline.
The project will focus on creating tourist destinations, hotel resorts, real estate developments, and golf courses, with the goal of attracting both regional and international visitors. The official signing of the agreement is expected to take place in the coming days.
Earlier, Qatar had reached a preliminary agreement to purchase around 5,000 acres in the Alamein Al-Roum area to establish an integrated tourism project valued at approximately $4 billion. The area, located east of Marsa Matrouh, is known for its calm beaches and scenic beauty and is a favorite destination for fishing enthusiasts and family tourism.
This project follows the launch of another major development in Ras El Hekma on the North Coast last year, with investments estimated at $35 billion as part of an investment agreement between Egypt and another Arab country. Of that amount, $24 billion was allocated for development, while the Egyptian government retained a 35% stake in the project. The Alamein Al-Roum area lies roughly 50 kilometers from Ras El Hekma.
Egypt’s real estate market has recently witnessed increased activity amid a surge in Gulf investments. A recent consultancy report indicated that wealthy investors from Gulf countries plan to inject about $1.1 billion into purchasing second homes in Egypt by 2025, with Emirati and Saudi investors leading the trend.
Additionally, Egypt is moving to offer new areas along the Red Sea for tourism and investment projects, such as Ras Gamila and Ras Banas. These locations are known for their unique natural settings and pristine coral reefs, as part of the government’s broader plan to expand investment in the tourism and real estate sectors.
