Egypt, Qatar sign USD 29.7 bln deal to develop North Coast project

CAIRO, Nov 6 (KUNA) -- Qatari Diar Real Estate Investment Company signed on Thursday an investment partnership agreement with Egypt's New Urban Communities Authority (NUCA) to develop areas on Egypt's northwest coast, with total investments of around USD 29.7 billion.
The project, extends over an area of around 4,900 acres and along 7.2 kilometers of Mediterranean beaches.
The Egyptian Cabinet said in a statement that the signing ceremony took place in the presence of the Egyptian Prime Minister Dr. Mostafa Madbouly, the deal was signed by Egyptian Minister of Housing Eng. Sherif Al-Sherbini and Qatari Minister of Municipality and Chairman of Qatari Diar Abdullah Al-Attiyah.
Egyptian Prime Minister Madbouly said the agreement, reflects the deep and historic ties between the two countries.
The agreement includes a cash price of USD 3.5 billion to be transferred before the end of the year, along with an in-kind contributions of USD 1.8 billion in residential units, in addition to a 15 percent of the project's profits will be allocated to the (NUCA) after the company recovers its full investment costs.
For his part, Qatari Minister said the project marks a strategic step toward boosting Egypt's North Coast as an integrated global destination, reflecting Qatar's commitment to supporting Egypt's sustainable development. He described it as one of the region's largest investment projects, with estimated investments of USD 29.7 billion, expected to create over 250,000 direct and indirect job opportunities, highlighting Qatari Diar's confidence in Egypt's economy and the strategic value of the project site.
Qatari Diar CEO Eng. Ali Al-Ali said the project is a new milestone in developing exceptional destinations in Egypt, part of the company's strategic investments focusing on high-value tourism projects.
He indicated that the project will be implemented by a special-purpose project company wholly owned by Qatari Diar, in coordination with the NUCA to ensure the design adheres to the highest international standards The agreement aims to establish an integrated urban and developmental project featuring upscale residential areas, tourism and entertainment facilities, artificial lakes, golf courses, marina, schools and universities.
Transforming North Coast's "Alam El Roum" into a world-class tourist and investment hub as part of Egypt's broader efforts to attract foreign direct investment. (end) aff.sar