Egypt, Qatar ink $29.7B deal for North Coast megaproject
Partnership with Qatari Diar aims to transform Matrouh’s Alam El-Roum into a premier regional tourism and investment hub
CAIRO, Egypt (MNTV) — Egypt has signed a landmark $29.7 billion investment agreement with Qatar’s Diar Real Estate Investment Company to develop a massive 20 million-square-meter site in the Semla and Alam El-Roum areas of Matrouh Governorate along the country’s northwestern Mediterranean coast.
The agreement was signed by Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny, representing the New Urban Communities Authority (NUCA), and Qatar’s Minister of Municipality and Diar Chairman Abdullah bin Hamad Al Attiya. The ceremony was attended by Egyptian Prime Minister Mostafa Madbouly and Diar CEO Ali Mohamed Al-Ali.
Under the deal, Diar will develop an integrated coastal city featuring luxury residential districts, tourism and entertainment zones, artificial lakes, golf courses, and marinas. The project will also include hospitals, schools, universities, desalination plants, and government facilities, positioning Alam El-Roum as a world-class destination for investment and tourism.
Prime Minister Madbouly said the partnership underscores the deep-rooted ties between Cairo and Doha and reflects both nations’ shared commitment to strengthening economic cooperation and sustainable development.
He added that the project represents a “major partnership” designed to attract foreign direct investment and create thousands of new jobs.
According to the agreement, Diar will make an upfront cash payment of $3.5 billion before the end of the year, followed by an in-kind contribution of residential units worth around $1.8 billion upon sale.
Additionally, NUCA will receive 15 percent of the project’s net profits once investment costs are recovered, in line with Egypt’s standard framework for public-private development partnerships.
Madbouly outlined that 60 percent of the land will be allocated for residential purposes, 15 percent for services, and 25 percent for roads, public spaces, and green areas, with no industrial components planned. The land will be delivered in two main phases, subdivided into several implementation stages.
Diar Chairman Al Attiya said the project reflects Qatar’s commitment to supporting Egypt’s sustainable development goals and bolstering the North Coast’s reputation as a global destination.
He noted the development is expected to create more than 250,000 direct and indirect jobs and significantly boost the regional economy.
Diar CEO Al-Ali described the project as a “transformative investment” that will redefine Mediterranean coastal tourism, offering more than 4,500 hotel rooms and integrating global design standards.
He said it marks another milestone in Diar’s strategy of developing high-value tourism destinations across the Middle East and North Africa.
The Alam El-Roum development follows a series of large-scale partnerships aimed at revitalizing Egypt’s tourism and real estate sectors.
In September, Cairo signed an $18 billion agreement with Emirati Emaar and Saudi City Stars for the Marassi Red Sea project, while in February 2024, the government concluded a $35 billion deal with the UAE’s ADQ to develop Ras El-Hekma into a major Mediterranean city.
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