Egypt, Qatar sign $29.7B deal for real estate project on Mediterranean coast

Egypt signed a major real estate deal with Qatar on Thursday to inject investments worth $29.7 billion into an urban development project on the country’s Mediterranean coast, Anadolu reports. The agreement was signed by Egyptian Housing Minister Sherif El-Sherbiny and Qatari Minister of Municipality and Chairman of Qatari Diar Company Abdullah Al Attiyah. An Egyptian government statement said the deal establishes an investment partnership between Egypt’s New Urban Communities Authority, and Qatari Diar Real Estate Investment Company. The agreement involves developing and urbanizing a 4,900.99-acre (205.88 million square meter) land plot in the Samala and Alam Al-Roum area on Egypt’s northwestern Mediterranean coast in Matrouh governorate, the statement said. READ: Israeli report warns of potential Egypt–Saudi military alliance The project includes […]