Egyptian Prime Minister Moustafa Madbouly on Thursday outlined the details of the $29.7 billion investment partnership with Qatari Diar, describing it as one of the largest real estate projects in the region and a cornerstone of Egypt's Vision 2030. Speaking at a press conference following the signing ceremony, broadcast live by the Egyptian Cabinet, Madbouly said the project in the Alam Al-Roum area of the North Coast would transform the region into a year-round urban hub rather than a seasonal resort. He said the 4,900-feddan (2.5 million-square-metre) development would include international hotels, residential districts, shopping centres, schools, universities, and hospitals, creating an integrated community that supports Egypt's goal of expanding tourism and urban development along its Mediterranean coast. Madbouly said Egypt's share of the partnership will come through a mix of cash, assets, and profit participation. The state will receive a $3.5 million upfront payment by December, an in-kind share of 397,000 square metres of residential units valued at about $1.8 billion, and 15 per cent of net profits once Qatari Diar recovers its investment costs. North Coast project expected to create 250,000 jobs He added that the Qatari developer will invest $29.7 billion during the project's implementation period, expected to create more than 250,000 direct and indirect jobs. "This partnership brings not only investment capital but also long-term opportunities for Egyptian youth," he said. Madbouly said the North Coast is central to Egypt's national urban plan, designed to accommodate more than 17 million residents and attract large-scale foreign investment. "With projects of this scale, we are laying the foundation for a sustainable coastal economy," he said. He added that the development would help Egypt advance towards its tourism targets of 30 million visitors by 2030 and 50 million within the following decade. "This is a win-win model that reflects Egypt's new approach to major partnerships," Madbouly said. "It strengthens our economic ties with Qatar, supports local growth, and brings us closer to achieving our Vision 2030 goals." Attribution: Amwal Al Ghad English
