(MENAFN- Gulf Times) At the headquarters of the ministerial headquarters in the new administrarive capital blade-->

. Mostafa Madbouly, Prime Minister of Egypt, witnessed the signing of a new investment partnership agreement between the New Urban Communities Authority and Qatari Diar Real Estate Investment Company.

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The agreement aims to develop an integrated urban, touristic, and developmental project in the Alam Al-Roum area of the North Coast in Matrouh Governorate. The project will be implemented to the highest international standards, with a total investment of USD 29.7 billion, spanning 4,900 acres and extending across a coastline of 7.2 kilometers along the Mediterranean shoreline.

A Strategic Project with World-Class Specifications
The project seeks to transform Alam Al-Roum into a comprehensive touristic and investment destination, featuring residential, touristic, commercial, and service zones to create all year-round regional attraction.
The development will feature luxury residential neighborhoods, premium hospitality, tourism and entertainment destinations, open artificial lakes, golf courses, complemented by a world-class marina for international yachts along with two local internal marinas.

The plan also provides for fully integrated infrastructure, a service free zone, power distribution stations, water desalination and treatment plants, as well as hospitals, schools, universities, and several governmental facilities.

Deal Structure and Investment Framework
The deal includes a payment of USD 3.5 billion and an in-kind component comprising a built-up area of 396,000 square meters, expected to generate revenues of no less than USD 1.8 billion.
In addition, 15% of the project's profits will go to the New Urban Communities Authority after the company recovers its full investment cost. This profit share includes the earnings of the company and its affiliated entities, as stipulated in the agreement.

Prime Minister Dr. Mostafa Madbouly clarified that this arrangement aligns with the standard mechanism adopted between the Authority and real estate developers, which is based on allocating land in return for both cash and in-kind payments, along with a share of the profits.

Master Plan and Land Use Distribution
The project's master plan allocates approximately 60% of the total area to residential purposes, 15% to service zones, and 25% to roads, public squares, and green open spaces.
The project will include no industrial components and will be handed over in two main phases, each comprising several sub-phases, with the land to be delivered completely cleared.

Qatari–Egyptian Investment Cooperation
The signing ceremony was attended by His Excellency Mr. Abdullah bin Hamad bin Abdullah Al Attiyah, Minister of Municipality of Qatar and Chairman of Qatari Diar, His Excellency Mr. Ahmed Kojak, Egyptian Minister of Finance, His Excellency Eng. Sherif El Sherbiny, Minister of Housing, Utilities and Urban Communities, Mr. Ali Mohamed Al Ali, CEO of Qatari Diar, and Sheikh Hamad bin Talal Al Thani, Chief of Development and Projects for Asia and Africa at Qatari Diar.

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Prime Minister Dr. Mostafa Madbouly stated:
“This agreement represents a major investment partnership between our two brotherly countries and reflects the strength of the exceptional relationship between His Excellency President Abdel Fattah El-Sisi and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar
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He added that the agreement embodies the shared vision of both leaders to strengthen economic partnerships and launch a new era of direct Qatari investments in Egypt, contributing to sustainable economic cooperation and mutual benefit for both peoples.

H.E Abdullah Al Attiyah: A Transformational Investment in the North Coast

His Excellency Abdullah bin Hamad bin Abdullah Al Attiyah, Minister of Municipality of Qatar and Chairman of Qatari Diar, said:“This project represents a strategic step toward enhancing the North Coast's position as a world-class integrated destination. It reflects Qatar's commitment-through Qatari Diar-to supporting the Egyptian government's efforts to achieve sustainable development and activate coastal areas all year round.

This pivotal investment, located in one of the region's most distinguished sites, will bring a qualitative leap in developing the North Coast, create over 250,000 direct and indirect jobs, and reinforce private sector participation in the national economy.
It also reflects our deep confidence in the Egyptian economy and its promising potential, as well as Egypt's unique geographic location that enables it to become a regional hub for investment and tourism.”

Eng Mohamed Al Ali: A Global Destination Redefining Mediterranean Tourism
Ali Mohamed Al Ali, CEO of Qatari Diar, emphasized:“The Alam Al-Roum Project marks a new milestone in Qatari Diar's journey of developing exceptional destinations-particularly in Egypt.
It stands among a series of strategic projects the company is implementing regionally and globally.

We are confident this project will become a turning point in the North Coast's development and a global destination redefining standards of tourism and coastal living along the Mediterranean.”
He added that Qatari Diar Egypt is one of the largest real estate developers in the Egyptian market, holding a land portfolio exceeding 60 million square meters and current investments surpassing USD 7 billion across landmark projects such as CityGate New Cairo, The St. Regis Cairo, New Giza, the Red Sea Project, and Sharm El-Sheikh.

Under the agreement, a newly established project company (wholly owned by Qatari Diar) will implement the development and prepare a master plan in compliance with NUCA's planning and building regulations, to be approved by the Authority.
Foreign Investments and National Growth

In conclusion, Prime Minister Dr. Mostafa Madbouly affirmed that Egypt continues to take serious and proactive measures to attract and facilitate foreign direct investments, as such projects contribute to comprehensive development and serve multiple national objectives- including urban expansion, job creation for Egyptian youth, economic growth, and increased investor returns-ensuring mutual prosperity and sustainable progress for all stakeholders.

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