The planned tourism hub will cover 60,000 feddans
(approximately 252 square kilometres) on Egypt's North Coast, located just west
of Marsa Matrouh city and 50 kilometres (31 miles) beyond the existing Ras El
Hekma area.
Sources familiar with the matter indicated that Egyptian and
Qatari officials are currently finalising the ambitious project. An agreement
was reportedly reached during a meeting between Prime Minister Moustafa
Madbouly and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman Al Thani.
The comprehensive tourism city will feature world-class
resorts, luxury residential units, commercial and entertainment centres, a
yacht marina, and advanced service facilities. The land is set to be allocated
to the Qatar Investment Authority under a usufruct system.
Under the proposed terms, the Egyptian government's share of
the project's total revenues could reach 15% once all development phases are
completed.
Authorities are currently finalising land allocation
procedures and securing necessary licenses. A formal announcement detailing the
project is anticipated later this year, contingent on successful negotiations
between the two sides.
The chosen location, Alam El Roum, derives its name from an
ancient Roman fortress. It is already a notable tourist destination, celebrated
for its stunning beaches and desert landscapes that attract wildlife hunting
and safari enthusiasts.
The reported investment follows earlier indications of Qatar's interest in a $3.5 billion tourism project on Egypt's Mediterranean coast.