Prime Minister of Egypt Dr Mostafa Madbouly emphasised that this agreement represents a major investment partnership reflecting the depth of the fraternal relations between Egypt and Qatar.

He said that it is an important step in strengthening economic and investment cooperation between the two countries, given the distinguished relationship between President Abdel Fattah El-Sisi and the Amir of Qatar His Highness Sheikh Tamim bin Hamad Al Thani.

He added that the partnership embodies the vision of both leaderships for integrated economic cooperation that contributes to supporting sustainable development and attracting high-quality investments to the Egyptian market.

He noted the government’s commitment to removing any obstacles facing investors and its keen interest in partnering with Qatar on this project, which is one of the largest Arab investments in the real estate and tourism development sector and reflects investor confidence in the Egyptian economy.

For his part, Minister of Municipality and Chairman of the Board of Directors of Qatari Diar Abdullah bin Hamad bin Abdullah Al Attiyah said that the project represents a strategic step toward enhancing the status of Egypt’s North Coast as a comprehensive global destination, and embodies the State of Qatar’s commitment as a partner in supporting the Egyptian government’s efforts to achieve sustainable development and year-round operation of coastal areas. The project represents one of the most prominent investment ventures in the region, with a total investment of approximately $29.7 billion, he said, noting that his is expected to provide more than 250,000 direct and indirect job opportunities. Al Attiyah added that the project also reflects Qatari Diar’s confidence in the strength of the Egyptian economy and its belief in the value of investing in Egypt’s unique geographical location.

CEO of Qatari Diar Eng. Ali Mohammed Al Ali emphasised that the “Alam El Roum” project represents a new step in developing luxury destinations in Egypt, as part of a series of strategic investments targeting high-value tourist destinations. He added that the project will be a landmark in the development of the North Coast and a global destination that will redefine tourism standards on the Mediterranean through development spanning more than 20 million square meters and boasting over 4,500 hotel rooms.

He indicated that the project will be implemented by a special-purpose project company wholly owned by Qatari Diar, in coordination with the New Urban Communities Authority to ensure the design adheres to the highest international standards.

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