The agreement, originally signed on November 6, represents a strategic joint venture between the New Urban Communities Authority (NUCA), representing the Ministry of Housing, and the Qatari real estate giant.
Cabinet Spokesperson, Counselor Mohamed El-Homossany,
detailed the multi-layered financial framework of the agreement. The $3.5
billion received represents the "cash price," the first pillar of the
deal. A second phase involves an "in-kind" consideration consisting
of a specific built-up area within the residential portion of the project.
Egypt targets an estimated $1.8 billion in revenue from the future sale of
these units. NUCA is entitled to a 15% share of the net profits generated by
the project company and its subsidiaries. This profit-sharing kicks in once the
full recoverable investment costs are recouped, as per the contract terms.
The spokesperson emphasized that this milestone is a direct
result of the directives of President Abdel Fattah El-Sisi and the Emir of
Qatar, Sheikh Tamim bin Hamad Al Thani.
The project is viewed as a cornerstone for deepening the economic partnership between Cairo and Doha. By fostering bilateral cooperation, both nations aim to drive sustainable economic development that meets the aspirations of their respective citizens and enhances regional stability.