Qatar's state-owned real estate firm Diar is set to inject $1.5 billion into Egypt's northern coast next month, marking the start of construction on the major integrated tourism project in the Alam Al-Roum area, a source familiar with Arab investments in the Egyptian Cabinet told Al Manassa.
The investment follows a $4 billion land acquisition deal finalized in late September, under which Qatar purchased 5,000 feddans along the Mediterranean coastline. The development is part of Qatar’s growing portfolio of high-value foreign investments.
The source, who requested anonymity, said the project will include luxury hotels, resorts, shopping malls, entertainment centers, diving and yachting hubs, a business and financial district, and a cruise terminal.
The development will also establish a free zone offering investment incentives across key sectors, including financial services, technology, and renewable energy.
Egypt’s government has already begun preparing infrastructure for the site, including road networks and utility connections, according to the source.
In exchange, the Egyptian government will receive a share of the project’s revenue, although the source declined to specify the percentage.
In February 2024, Prime Minister Mostafa Madbouly announced a record $35 billion deal with a UAE-based consortium to develop Ras El-Hekma, in what was described as the largest foreign direct investment in Egypt’s history.
Among other high-profile agreements is a joint venture between Emaar Misr and City Stars to develop Red Sea tourism infrastructure, with investments totaling 900 billion Egyptian pounds (approximately $18.3 billion).
