The Qatari company "Al-Diar," the real estate arm of Qatar's investment fund, plans to invest $29.7 billion in a massive tourism project on Egypt's northern coast, in the Al-Rum area near Marsa Matruh.
The investment includes a payment of $3.5 billion for the land and an additional $26.2 billion for developing the site, which will include resorts, luxury real estate, and golf courses along a 7.2 km coastline on an area of about 4,900 dunams.
The official signing of the agreement is expected tomorrow between Al-Diar and the "Egyptian Authority for the Development of New Urban Communities."
This move comes about a year after the huge Emirati investment in the "Ras Al-Hikma" project ($35 billion) and strengthens the wave of Gulf investments in Egypt—aimed at bringing in foreign currency, encouraging tourism, and helping the Egyptian economy recover from the severe foreign currency crisis it has faced in recent years.