Egypt has received $3.5 billion as part of the investment deal for the development and expansion of a plot of land in the Samla and Alam El-Roum area, located in the northwestern coast of Matrouh Governorate.

On November 6th, the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority, signed an investment partnership agreement with Qatari Diar company to develop the Samla and Alam El-Roum area.

Mohamed El-Homsany, the official spokesperson for the Egyptian Prime Minister’s Office, stated that this amount represents the cash payment, which is the first part of the agreement.

 The second part Involves in-kind compensation, which will be in the form of residential units within the project.

He added that the sale of these units, once completed, is expected to generate an estimated value of around $1.8 billion.

Additionally, the New Urban Communities Authority will receive a share equal to 15% of the net profits from the project (net profits of the project company and its affiliated entities, whether from Qatari Diar or the project company), after the full recovery of the invested capital as per the terms of the agreement.