Dr Mostafa Madbouly, Prime Minister of Egypt, has signed a major development partnership with Qatar. He said this agreement reflects a major investment partnership that embodies the depth of the fraternal relations between the two countries.
It is an important step in advancing economic and investment cooperation between the two countries, given the distinguished relationship between President Abdel Fattah El-Sisi and the Amir of Qatar, His Highness Sheikh Tamim bin Hamad Al Thani. The Egyptian PM further added that this relation embodies the vision of both leaderships for integrated economic cooperation that contributes to supporting sustainable development and attracting high-quality investments to the Egyptian market.
Dr Mostafa Madbouly mentioned that his government is working to eliminate any obstacles that could hinder investors and is keen to work with Qatar on this project, one of the largest Arab investments in the real estate and tourism development sector, and a sign of investor confidence in the Egyptian economy.
Minister of Municipality and Chairman of the Board of Directors of Qatari Diar Abdullah bin Hamad bin Abdullah Al Attiyah, for his part, said that the project is a strategic step towards the development of the North Coast of Egypt into an integrated global destination and reflects the State of Qatar as a partner in supporting the Egyptian government in achieving sustainable development and year-round operation of coastal areas.
This is one of the largest investment projects in the region, with a total investment of about USD 29.7 billion and is expected to generate more than 250,000 direct and indirect job opportunities. Al Attiyah said that the project also reflects the confidence of Qatari Diar in the strength of the Egyptian economy and its belief in the value of investing in Egypt’s unique geographical location.
Qatari Diar’s CEO, Eng. Ali Mohammed Al Ali said that the “Alam El Roum” project is a new step in developing luxury destinations in Egypt and part of a series of strategic investments targeting high-value tourist destinations. He added that the project will be a landmark in the development of the North Coast and a global destination that will redefine tourism standards on the Mediterranean through development spanning more than 20 million square metres and boasting over 4,500 hotel rooms.
The senior official concluded by stating that the project will be implemented by a special-purpose project company wholly owned by Qatari Diar, in coordination with the New Urban Communities Authority, to ensure the design adheres to the highest international standards.