Qatari Diar is expected to sign the partnership agreement
with the New Urban Communities Authority in Egypt to invest twenty nine point
seven billion United States dollars in developing an integrated tourism project
on the North Coast according to Reuters.
The agreement includes the payment of three point five
billion United States dollars for the land located in Alam El Rum. The
agreement also includes an in kind investment valued at twenty six point two
billion United States dollars to build the project which will cover land area
along seven point two kilometres of the coast. Qatari Diar is owned by the
Qatar Investment Authority.
Alam El Rum is located east of Marsa Matrouh and is known
for its calm beaches and natural scenery. Alam El Rum also includes an ancient
Roman fortress which makes it a preferred destination for fishing and family
tourism.
The project comes within the efforts of the Egyptian
government to attract foreign direct investment of forty two billion United
States dollars during fiscal year twenty twenty five twenty twenty six. The
project also aligns with the economic reform program aimed at reducing external
debt and strengthening the role of the private sector.