Egypt signed a USD 29.7 billion (EGP 933 billion) investment agreement with Qatari Diar Real Estate Investment Company on Thursday, 6 November, to develop the Semla and Alam El-Roum areas in Matrouh Governorate, turning them into a world-class tourism and investment destination along the Mediterranean coast. The agreement was signed at the Cabinet headquarters in the New Administrative Capital, in the presence of Prime Minister Mostafa Madbouly, Minister of Housing Sherif El-Sherbiny, and Qatari Minister of Municipality and Diar Chairman Abdullah bin Hamad Al-Attiyah. Spanning more than 20 million square meters, the project will establish an integrated urban development that includes upscale residential districts, resorts, golf courses, open lakes, an international marina, hospitals, schools, and universities. It will also feature power and water desalination facilities, green spaces, and government buildings. Under the agreement, Qatari Diar will pay USD 3.5 billion (EGP 166 billion) in cash by the end of this year and provide an in-kind contribution worth around USD 1.8 billion (EGP 85 billion) through residential units, while Egypt’s New Urban Communities Authority (NUCA) will receive 15 percent of the project’s net profits once investment costs are recovered. Prime Minister…
