Qatar to invest $ 30bn in Egypt Megaresort Alam El Roum – 250,000 jobs, 7.2 km of Beach and 4,500 hotel rooms planned
Qatar and Egypt have announced one of the largest residential properties and tourism, with the Qatari Diar Real Estate Investment Company Signing an agreement with the Urban Communities Project (NUCA) to develop an Urban Community and tourism project in the north of Matrouh.
The Alam El Roum development will cover approximately 4,900 hectares and stretch along 7.2km of the Mediterranean Eaffiant.
It aims to transform the area into a comprehensive tourism and investment destination that includes residential, commercial, and hospitality facilities built to the highest international standards.
Qatar and Egypt Strategic Partnership
The project will include residential neighborhoods, luxury resorts, tourism and entertainment centers, outdoor artificial pools, golf courses, and three and two marinas.
Infrastructure will include electricity distribution, water supply and treatment plants, schools, universities, hospitals and free space.
According to Qatari Diar, the venture will be one of the largest development projects in the Mediterranean region, creating 250,000 direct and indirect jobs while increasing financial inflows and economic growth.
Terms of Agreement and Allotment of Land
The deal includes a cash price of $3.5BN and a generous consideration of 396,000 square meters of built-up space, the sale of which is expected to generate at least $1.8bn in financing.
When the Qatari Diar recovers its full investment costs, 15 percent of the project’s profits will be allocated to NUCA, to cover the return from the Qatari Diar and its subsidized companies.
The land allocation for the entire project is divided as follows:
- Residential areas: about 60 percent of the total land area
- Service areas: 15 percent
- Streets, scenes, and green spaces: 25 percent
The world will be sent free of enconbrances in the two main categories and several categories below.
High quality statements of support
Dr. Mostafa Madbouly, the Prime Minister of Egypt, said that the relationship between Egypt, shows the deepening of the relationship between Egypt and Qatar “and strengthens the economic cooperation between the two nations.
He added that it “combines the vision of both houses of joint economic cooperation that supports sustainable development and attracts high-quality investments to the Egyptian market.”
Abdullah Bin Hamad bin Abdullah Al Attiyah, Minister of Municipality and Chairman of Qatari Diar, said that this project is a step for the northern area and shows Qatar’s commitment to support the development that continues this year.
He confirmed that the development of $ 29.7bn will provide more than 250,000 job opportunities, showing Qatari Ruire’s confidence in the Egyptian economy and its belief in the country’s investment area as an investment area.
Luxury travel in Egypt
Eng. Ali Mohammed Al Ali, CEO of Qatari Diar, said that Alam El Roum represents “A new step in creating luxury destinations in Egypt,” part of a broader plan to create high tourism revenue.
He said the project will be implemented by a special purpose company owned by Qatari Diar, in coordination with NUCA, to ensure the design meets the highest international standards.
The development will cover more than 20 million square meters and include more than 4,500 hotel rooms, setting new benchmarks for Mediterranean tourism.
