Qatari Diar has signed an investment partnership agreement with Egypt’s New Urban Communities Authority to develop an integrated urban and tourism project in Alam Al Roum area on Egypt’s North Coast in Matrouh Governorate.

The project spans approximately 4,900 acres, with a 7.2-kilometer beachfront along the Mediterranean Sea, with a total investment of around USD 29.7 billion.

The project aims to transform Alam Al Roum into an integrated tourism and investment destination, encompassing residential, commercial, service and leisure zones. It will include upscale residential communities, tourism and entertainment projects, open artificial lakes, golf courses, and a yacht marina comprising one international and two local marinas. The project will also feature a comprehensive infrastructure, including a service free zone, electricity distribution and water desalination plants, hospitals, schools, universities, and various government headquarters.

The project is expected to create over 250,000 direct and indirect job opportunities, while attracting further investments and boosting Egypt’s economic growth.

The agreement includes a cash component valued at USD 3.5 billion, in addition to an in-kind component comprising 396,000 square meters of built-up area, expected to generate revenues of no less than USD 1.8 billion.

In terms of land use distribution, approximately 60% of the total area is allocated for residential purposes, 15% for service facilities, and 25% for roads, public squares, and open green spaces.