Egypt and Qatar have agreed to jointly develop a large-scale real estate project along Egypt’s Mediterranean coast, marking a renewed phase of economic cooperation between the two nations.
According to Egypt’s Cabinet statement released on Friday, the project will be developed by Qatari Diar, the real estate investment arm of the Qatar Investment Authority (QIA), in partnership with Egypt’s New Urban Communities Authority (NUCA). The development aims to attract foreign investment, boost tourism, and create thousands of local jobs.
The project, valued at $29.7 billion, will span residential, commercial, and hospitality zones, according to Bloomberg, and forms part of Egypt’s broader strategy to expand urban development along its northern coastline. “This collaboration reflects Egypt’s commitment to deepening its economic ties with the Gulf and to unlocking new investment opportunities,” the Housing Ministry said in a statement cited by Reuters.
Qatar, one of the biggest Gulf investors in Egypt, has sought to diversify its regional portfolio since 2022. The renewed cooperation comes after a period of diplomatic thaw between Cairo and Doha, with bilateral trade surpassing $3 billion in 2024, as reported by The Financial Times.
Analysts say the venture is expected to bolster Egypt’s foreign currency reserves and support the country’s ambitious urban expansion plans under Vision 2030, which prioritizes infrastructure and real estate as key drivers of post-crisis recovery.
