Prime Minister of Egypt H E Dr. Mostafa Madbouly (centre) with Minister of Municipality and Chairman of Qatari Diar H E Abdullah bin Hamad bin Abdullah Al Attiyah (left), and Egypt's Minister of Housing, Utilities and Urban Communities H E Eng. Sherif El Sherbiny during the signing ceremony.
DOHA: Prime Minister of Egypt H E Dr. Mostafa Madbouly witnessed the signing of a new investment partnership agreement between the New Urban Communities Authority and Qatari Diar Real Estate Investment Company at the ministerial headquarters in the new administrative capital project.
The agreement aims to develop an integrated urban, touristic, and developmental project in the Alam Al-Roum area of the North Coast in Matrouh Governorate. The project will be implemented to the highest international standards, with a total investment of $29.7bn, spanning 4,900 acres and extending across a coastline of 7.2 kilometres along the Mediterranean shoreline. The project seeks to transform Alam Al-Roum into a comprehensive touristic and investment destination, featuring residential, touristic, commercial, and service zones to create all year-round regional attraction. The development will feature luxury residential neighbourhoods, premium hospitality, tourism and entertainment destinations, open artificial lakes, golf courses, complemented by a world-class marina for international yachts along with two local internal marinas.
The signing ceremony was attended by Minister of Municipality of Qatar and Chairman of Qatari Diar, H E Abdullah bin Hamad bin Abdullah Al Attiyah; Egyptian Minister of Finance H E Ahmed Kojak; Egypt's Minister of Housing, Utilities and Urban Communities, H E Eng. Sherif El Sherbiny; CEO of Qatari Diar, Ali Mohamed Al Ali; and Chief of Development and Projects for Asia and Africa at Qatari Diar, Sheikh Hamad bin Talal Al Thani.
H E Dr. Mostafa Madbouly stated: “This agreement represents a major investment partnership between our two brotherly countries and reflects the strength of the exceptional relationship between H E President Abdel Fattah El-Sisi and Amir H H Sheikh Tamim bin Hamad Al Thani.”
He added that the agreement embodies the shared vision of both leaders to strengthen economic partnerships and launch a new era of direct Qatari investments in Egypt, contributing to sustainable economic cooperation and mutual benefit for both peoples. H E Abdullah bin Hamad bin Abdullah Al Attiyah said: “This project represents a strategic step toward enhancing the North Coast’s position as a world-class integrated destination. It reflects Qatar’s commitment—through Qatari Diar—to supporting the Egyptian government’s efforts to achieve sustainable development and activate coastal areas all year round.
"This pivotal investment, located in one of the region’s most distinguished sites, will bring a qualitative leap in developing the North Coast, create over 250,000 direct and indirect jobs, and reinforce private sector participation in the national economy. It also reflects our deep confidence in the Egyptian economy and its promising potential, as well as Egypt’s unique geographic location that enables it to become a regional hub for investment and tourism.”
The Egyptian Prime Minister clarified that this arrangement aligns with the standard mechanism adopted between the Authority and real estate developers, which is based on allocating land in return for both cash and in-kind payments, along with a share of the profits.
The project’s master plan allocates approximately 60% of the total area to residential purposes, 15% to service zones, and 25% to roads, public squares, and green open spaces.
The project will include no industrial components and will be handed over in two main phases, each comprising several sub-phases, with the land to be delivered completely cleared.
The plan also provides for fully integrated infrastructure, a service free zone, power distribution stations, water desalination and treatment plants, as well as hospitals, schools, universities, and several governmental facilities.
The deal includes a payment of $3.5bn and an in-kind component comprising a built-up area of 396,000 square metres, expected to generate revenues of no less than $1.8bn.
In addition, 15% of the project’s profits will go to the New Urban Communities Authority after the company recovers its full investment cost.
This profit share includes the earnings of the company and its affiliated entities, as stipulated in the agreement.
Eng. Ali Mohamed Al Ali emphasised, “The Alam Al-Roum Project marks a new milestone in Qatari Diar’s journey of developing exceptional destinations—particularly in Egypt.
“It stands among a series of strategic projects the company is implementing regionally and globally. We are confident this project will become a turning point in the North Coast’s development and a global destination redefining standards of tourism and coastal living along the Mediterranean.”
Under the agreement, a newly established project company (wholly owned by Qatari Diar) will implement the development and prepare a master plan in compliance with NUCA’s planning and building regulations, to be approved by the Authority.
