The New Urban Communities Authority (NUCA) is preparing to sign a partnership agreement with Qatari Diar Real Estate Investment Company to develop a large-scale integrated urban project in the Alam El-Rum area on Egypt’s Mediterranean coast, according to informed sources.
The project will be established under a revenue-sharing partnership, with a total development value estimated at $29 billion.
Under the agreement framework, Qatari Diar will receive land in Alam El-Rum, while NUCA will obtain its share of the project in both cash and in-kind returns.
Sources indicated that Qatari Diar is expected to pay around $3.5 billion as the value of the land. The Ministry of Housing, through NUCA, will be responsible for providing and completing infrastructure and utilities prior to handing the site over to the developer.
NUCA’s share will include 35% of the project’s revenues, in addition to an in-kind contribution valued at approximately $26.2 billion, representing the cost of building and developing the project’s components.
The project is expected to be implemented over five years from the issuance of the required ministerial approvals. The Ministry of Housing will facilitate all procedures related to land delivery, permitting, and licensing to support the timely execution of the development.
The Alam El-Rum project is anticipated to become one of the largest coastal real estate and tourism developments in the region, aligning with Egypt’s strategy to expand urban growth along the Mediterranean and attract foreign direct investment into the real estate sector.