Egypt, Qatar sign deal to build luxury real estate project on Mediterranean coast

Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, part of Doha’s $7.5 billion investment pledge to Cairo, Egyptian state TV reported.

Reuters reported on Wednesday that Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, would invest $29.7 billion in the project, which will include golf courses and marinas in Alam Al-Roum, an undeveloped 7-kilometre (4.4-mile) stretch of coastline about 480 km northwest of Cairo.

Egypt has for years sought to attract foreign investment, particularly from wealthy Gulf states, as it struggles with heavy foreign debt and a widening budget deficit.

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According to the Qatar News Agency (QNA) officials, the deal marks a major step in deepening Qatari-Egyptian economic cooperation, aimed at supporting Egypt’s economy, generating jobs, and accelerating development along the northwest coast — an area witnessing a record investment boom.

Political analyst Dr Ahmed Gaith Al Kuwari called the venture “more than an investment deal,” describing it as a new economic and political alliance where “economics has become the modern language of diplomacy.”

He said the project aligns Qatar’s National Vision 2030 with Egypt’s Vision 2030, advancing shared goals of sustainable growth and regional economic strength. “The Matrouh project will be a new economic gateway, reinforcing Doha-Cairo ties and highlighting Qatar’s diverse global investments,” Al Kuwari added.