In a strategic move to boost tourism and economic growth, the Qatar Investment Authority (QIA) and the Egyptian government are preparing to unveil a massive $4 billion investment in a new tourism city along Egypt’s North Coast. This ambitious project, located in the Alam El-Rum area, promises to transform the region into a world-class destination with state-of-the-art infrastructure and luxurious amenities.
The project’s vision includes the creation of an integrated tourist city spanning approximately 60,000 acres. It will feature international tourist resorts, luxury residential units, commercial and entertainment centers, a yacht marina, and advanced service facilities. This development mirrors the success of Ras El-Hikma City, promising to attract both local and international visitors.
According to Dr. Nadia El-Masry, an urban development expert, “This project is set to redefine the North Coast’s landscape, bringing in significant economic benefits. The involvement of QIA underscores the international confidence in Egypt’s tourism potential.”
The first phase will cover between 20% and 25% of the project’s total area, with Egypt poised to earn up to 15% of the total revenues upon completion. The government is finalizing land allocation procedures and necessary licenses, signaling a swift move towards project realization.
The collaboration between Egyptian Prime Minister Mostafa Madbouly and his Qatari counterpart, Mohammed bin Abdulrahman Al Thani, marks a significant diplomatic and economic partnership. The project’s details are expected to be officially announced later this year, contingent on the successful conclusion of ongoing negotiations, as reported by the “Economy of the East with Bloomberg” platform.
