Qatar to invest $4 billion in Egyptian Mediterranean tourism hub

CAIRO, Egypt (MNTV) — Qatar is poised to invest approximately $4 billion in a large-scale tourism development along Egypt’s northwestern Mediterranean coastline, according to a report published by Saudi outlet Asharq.

The project, which will be located in the coastal town of Ras Alam El-Rum, will cover around 240,000 square meters and is expected to include high-end resorts, luxury residences, retail centers, a yacht marina, and other tourist facilities.

Unnamed Egyptian government sources cited in the report said the investment will be channeled through the Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund. 

The initiative is seen as comparable in scale and ambition to the Ras Al-Hekma development, a $35 billion project spearheaded by Abu Dhabi’s ADQ on Egypt’s northern coast.

The first phase of the Qatari-backed project is anticipated to develop and operate 20–25% of the total site area. As part of the investment terms, Egypt’s government is expected to receive 15% of revenue generated from the venture.

Preparations are underway to allocate land and secure necessary permits, with an official announcement expected later this year, contingent on the conclusion of ongoing negotiations between Qatari and Egyptian officials.

The proposed investment aligns with Egypt’s broader economic strategy to increase foreign direct investment (FDI) and address its fiscal challenges. 

Cairo is aiming to attract $42 billion in FDI during the current 2025–2026 fiscal year, which began on July 1.

In a recent assessment, the Washington-based Institute of International Finance (IIF) recommended that Egypt accelerate privatization efforts and reform state-owned enterprises to maintain support from the International Monetary Fund and Gulf financial backers.