According to sources in Cairo, Qatar will soon convert the balances it held at the Central Bank of Egypt into a direct investment in the tourism project “Alam Al-Rum” in northern Egypt on the Mediterranean coast, through a "right of use" arrangement – not a land sale. 

This deal benefits both sides. In practice, it means less short-term debt for Egypt and more real capital that creates employment and foreign currency flow—exactly what Egypt needs to stabilize the economy. Additionally, the fact that the land is not sold reduces public criticism of the deal.

This deal, which is not a "game changer" in terms of the Egyptian economy, nevertheless grants Qatar a deeper foothold in Egypt and increases its influence in mediating around the war in Gaza.