Qatari Diar, the real estate arm of Doha’s sovereign wealth fund, is set to invest $29.7 billion in transforming Egypt’s Mediterranean coast into a year-round luxury destination. The massive Alam Al-Roum project will feature marinas, golf courses, schools, and upscale neighborhoods across nearly 5,000 acres. It marks Qatar’s largest investment in Egypt since diplomatic ties were restored in 2021 and forms part of Doha’s $7.5 billion pledge to support Egypt’s struggling economy. The deal could unlock $2.5 billion in IMF funding after delays linked to unmet investment promises. Strategically, the project positions Egypt’s North Coast as a new Mediterranean tourism hub, mirroring the UAE’s Ras El-Hekma venture and attracting renewed Gulf competition.
Reuters
