The partnership between Qatari Diar and Egypt's New Urban Communities Authority (NUCA) is structured as follows: total Investment $29.7 billion, $3.5 billion to be paid for the land, and $26.2 billion dedicated to the development of the project.
The project will be situated in the Sammala and Alam El Rum
area, within the Matrouh Governorate, along the Northwest Coast. It will span
an area of 4,900 feddans along a 7.2-kilometer stretch of coastline. The
development is expected to include luxury residential units, golf courses, schools
and universities, and yacht marinas. The project is projected to generate
revenues of at least $1.8 billion annually. 15% of the project's profits will
be allocated to the New Urban Communities Authority (NUCA).
The announcement follows Prime Minister Madbouly's statements during his visit to Qatar, where he declared an agreement with the Qatari side to activate a package of Qatari investments in Egypt.