Egypt will receive a $3.5 million upfront payment on Dec. 30 from its $29.7 billion partnership with Qatar's Diar Real Estate for the mega Alam El-Roum development project on the northwestern Mediterranean coast, Prime Minister Moustafa Madbouly said Wednesday. The deal, signed on 6 Nov. between Egypt's New Urban Communities Authority (NUCA) and Diar, covers 4,900 feddans (2.5 million square metres) in the Alam El-Roum area of Marsa Matrouh. The development will include international hotels, residential districts, shopping centres, schools, universities, and hospitals, forming an integrated community aimed at boosting tourism and urban growth along Egypt's Mediterranean coast. Beside the cash gains, Egypt's share of the venture includes an in-kind allocation of 397,000 square metres of residential units valued at roughly $1.8 billion, and 15 per cent of net profits after Diar recoups its initial investment, Madbouly said. The project is part of Egypt's broader strategy to attract foreign direct investment into large-scale urban and tourism developments, leveraging public-private partnerships to expand the country's Mediterranean corridor. Attribution: Amwal Al Ghad English
