Egypt is positioning its North Coast as a major investment hub following the signing of a $29.7 billion partnership with Qatar, Finance Minister Ahmed Kouchouk said Sunday, highlighting the country's drive to attract foreign capital and boost growth. In an open letter to local and international investors, Kouchouk said the government is offering exceptional development opportunities to build integrated urban communities and create jobs for young Egyptians. The North Coast has emerged as a magnet for tourism, real estate, and service-sector investments, delivering sustainable economic returns. Projects such as Ras Al-Hekma and Alam Al-Rom underscore Egypt's growing competitiveness and appeal to investors, the minister said. The Egypt-Qatar deal will generate a direct cash return of $3.5 billion by year-end, along with an in-kind stake of $1.8 billion and 15 per cent of net profits earmarked for the New Urban Communities Authority (NUCA) Kouchouk said the government is using major investment projects to strengthen regional economic partnerships and attract high-impact foreign direct investment, noting that private-sector confidence in Egypt's growth potential has enabled the closing of multiple large deals. "The economy's momentum allows us to reduce debt and expand spending on public services," Kouchouk added, citing a 10 per cent reduction in budgetary debt relative to GDP over two years, despite rising debt levels in emerging markets. He reiterated the government's commitment to a stable, investor-friendly environment, including simplified tax and customs procedures, enhanced private sector profitability, competitive neutrality, technology transfer, and directing proceeds from major deals towards lowering public debt. The minister said these steps aim to make Egypt a regional hub for sustainable investment, with the North Coast as a flagship area attracting domestic and international capital. Attribution: Amwal Al Ghad English
