Madbouly: One of the largest Arab investments in the real estate and tourism development sector and reflects investor confidence
Al-Attiyah: The project embodies Qatar’s commitment as a partner in supporting the Egyptian government’s efforts to achieve sustainable development
Transforming the region into an integrated tourist and investment destination that includes residential, tourist, commercial and service areas
The project extends over an area of 4,900 acres and along 7.2 kilometers of Mediterranean beaches
His Excellency Dr. Mostafa Madbouly, Prime Minister of Egypt, witnessed the signing ceremony of an investment partnership agreement between the Egyptian New Urban Communities Authority and Qatari Diar Real Estate Investment Company, to implement an integrated tourism urban project in accordance with the highest international standards, in the “Alam Al-Rum” area on the northern coast of Matrouh Governorate. The project extends over an area of about 4,900 acres and along 7.2 kilometers of the shores of the Mediterranean Sea, with a total investment estimated at approximately 29.7 billion US dollars.
The signing ceremony was witnessed by His Excellency Mr. Abdullah bin Hamad bin Abdullah Al-Attiyah, Minister of Municipality and Chairman of the Board of Directors of Qatari Diar, His Excellency Dr. Ahmed Kajouk, Egyptian Minister of Finance, His Excellency Eng. Sherif El-Sherbiny, Minister of Housing, Utilities and Urban Communities, Eng. Ali Mohammed Al-Ali, CEO of Qatari Diar, and Sheikh Hamad bin Talal Al Thani, Head of the Development and Projects Sector in Asia and Africa at Qatari Diar.
The project aims to transform “Alam Al-Rum” into an integrated tourism and investment destination that includes residential, tourism, commercial and service areas, and includes upscale residential complexes and neighborhoods, tourism and entertainment projects, open artificial lakes, golf courses, and a yacht marina that includes one international and two local domestic ones, in addition to an integrated infrastructure that includes a service free zone, stations for electricity distribution, water desalination and treatment, hospitals, schools and universities, and a number of government headquarters. The project extends over a 7.2-kilometre-long waterfront, becoming one of the largest development projects in the region. It is expected to contribute to attracting investments, promoting economic growth, and creating direct and indirect job opportunities.
The agreement includes a cash price of $3.5 billion, and consideration in kind for a building area of 396 thousand square meters, the sale of which is expected to generate revenues of no less than $1.8 billion US dollars, in addition to a 15% share of the project’s profits to be allocated to the New Urban Communities Authority after the company recovers the full investment cost, and the profits include the output of the company and its affiliated entities. Land use is distributed within the project such that housing lands represent about 60% of the total area, with 15% allocated to service areas and 25% to roads, squares and open green areas, with the project land being delivered free of any concerns in two main stages and a number of sub-stages.
An important step to enhance cooperation
Dr. confirmed. Mostafa Madbouly said that this agreement represents a major investment partnership that reflects the depth of fraternal relations between Egypt and Qatar, and is an important step to enhance economic and investment cooperation between the two countries, in light of the distinguished relations between His Excellency President Abdel Fattah El-Sisi and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar. He added that the partnership embodies the vision of the two leaderships towards integrated economic cooperation that contributes to supporting sustainable development and attracting quality investments to the Egyptian market, noting the government’s keenness to remove any obstacles facing investors, and its interest in partnering with the State of Qatar in this project, which is one of the largest Arab investments in the real estate and tourism development sector, and reflects investors’ confidence in the Egyptian economy.
Strategic project
On this occasion, His Excellency Mr. Abdullah bin Hamad bin Abdullah Al Attiyah said that the project represents a strategic step towards strengthening the position of the Egyptian northern coast as an integrated global destination, and embodies the commitment of the State of Qatar as a partner in supporting the Egyptian government’s efforts to achieve sustainable development and operate coastal areas throughout the year.
He pointed out that the project represents one of the most prominent investment projects in the region, with an estimated investment of about 29.7 billion US dollars, and is expected to provide more than 250,000 direct and indirect job opportunities.
This project embodies Qatari Diar’s confidence in the strength of the Egyptian economy, and its belief in the feasibility of investing in its exceptional geographical location.
A global destination
Engineer Ali Muhammad Al-Ali, CEO of Qatari Diar, confirmed that the “Alam Al-Rum” project represents a new step in developing exceptional destinations in Egypt, and comes within a series of strategic investments focusing on tourist destinations of high economic value. He added that the project will be a milestone in the development of the North Coast, and a global destination that redefines the standards of tourism on the Mediterranean, through a development extending over more than 20 million square meters, with a hotel capacity exceeding 4,500 rooms. He explained that the project will be implemented through the project company, wholly owned by Qatari Diar, in coordination with the New Urban Communities Authority to ensure that the design is compatible with the best international standards.