Cairo: 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. 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.

According to Anadolu Agency, an Egyptian government statement revealed that 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 the Matrouh governorate.

The project will see the construction of residential neighborhoods, tourism and entertainment facilities, artificial lakes, golf courses, an international marina, and two local marinas. Additionally, it will include infrastructure elements such as electricity distribution stations, desalination and water treatment plants, hospitals, schools, universities, and government buildings.

Egyptian Prime Minister Mostafa Madbouly stated that a plot of land would be allocated to the Qatari investor in exchange for both cash and in-kind payments, along with a profit share for the New Urban Communities Authority. Qatari Minister Al Attiyah commented that the project represents a significant investment venture, expected to create more than 250,000 direct and indirect job opportunities.

Egypt aims to attract $42 billion in foreign direct investment during the 2025-2026 fiscal year, according to media reports.