Prime Minister Mostafa Madbouly witnessed the signing of a major investment agreement between the Ministry of Housing, Utilities and Urban Communities, represented by the New Urban Communities Authority, and Qatari Diar.

The agreement paves the way for the development of a world-class coastal urban project in the Samala and Alam El-Rum area on the Northwestern Coast in Matrouh Governorate with investments of $29.7 billion.

Covering 4,900.99 feddans, the project is intended to transform Alam El-Rum into an international destination for tourism, residential living, commercial activity, and high-quality services.

It aligns with Egypt’s broader strategy to attract foreign direct investment and advance sustainable development along the North Coast.

Under the agreement, Qatari Diar will provide a cash investment of $3.5 billion, to be transferred before the end of the year.

 The deal also includes an in-kind contribution in the form of completed residential units, valued at approximately $1.8 billion upon sale.

 In addition, the New Urban Communities Authority will receive 15% of the project’s net profits after full recovery of development costs.

The development plan allocates 60% of the land for residential use, up to 15% for service facilities, and around 25% for roads, green areas, and open spaces, with no industrial zones included.

 The land will be delivered free of encumbrances in two principal phases, each comprising multiple sub-stages.

During the signing, Madbouly emphasized that the agreement reflects the depth of the longstanding ties between Egypt and Qatar, as well as the shared commitment of President Abdel Fattah El-Sisi and His Highness Sheikh Tamim bin Hamad Al-Thani to expand strategic economic cooperation.

 He noted that the project will support national development objectives, stimulate job creation, and enhance the investment climate.

Qatari Minister of Municipality Abdullah bin Hamad bin Abdullah Al-Attiyah described the project as one of the region’s most significant investment ventures, with a total estimated value of $29.7 billion.

He added that it is expected to create more than 250,000 direct and indirect jobs, reflecting Qatar’s confidence in the strength and potential of the Egyptian economy.

Ali Mohammed Al-Ali, CEO of Qatari Diar, stated that the Alam El-Rum development will be a defining landmark on the Mediterranean coastline, offering more than 4,500 hotel rooms and setting new standards for coastal tourism and leisure in the North Coast.

He affirmed that the project will be carried out through a dedicated company wholly owned by Qatari Diar, working in coordination with the New Urban Communities Authority to ensure adherence to international planning and design standards.