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Qatari Diar, the real-estate arm of Qatar’s sovereign wealth fund, plans to invest $29.7 billion in a major tourism and residential project on Egypt’s Mediterranean coast, sources said on Wednesday.

The project, called Alam Al-Roum, will cover about 2,000 hectares some 480 kilometers (300 miles) northwest of Cairo in Matrouh Governorate. It will feature luxury homes, marinas, golf courses, schools, universities, and public infrastructure, aiming to turn the undeveloped coastline into a year-round tourist destination.

Under an agreement signed with the New Urban Communities Authority (NUCA), $3.5 billion will be paid for the land, while $26.2 billion will go toward infrastructure development. The investment forms part of a $7.5 billion package that Doha pledged to Egypt this year as Cairo seeks to bolster foreign-exchange reserves and narrow its budget deficit.

With the Egyptian pound down nearly 70% since 2022, coastal real-estate assets have become particularly attractive to Gulf investors whose currencies are pegged to the U.S. dollar. The project would mark the largest Qatari investment in Egypt since the two countries restored diplomatic ties in 2021, following the end of the Arab-led blockade of Doha.

Egyptian Prime Minister Mostafa Madbouly is expected to attend Thursday’s signing ceremony for the Egyptian-Qatari partnership to develop the Similla and Alam Al-Roum area, the government said in a press notice.

Financial sources said progress on the project could also trigger a $2.5 billion disbursement from the IMF under an $8 billion program signed in March 2024. The project rivals the Emirati-backed Ras El-Hekma development and fits into Egypt’s plan to position its Mediterranean coast as a regional tourism and financial hub.

It comes amid a surge of Gulf investment in Egyptian tourism, highlighted by the $18.6 billion Marassi Red Sea resort developed by Emaar Misr with Saudi and Emirati partners. Qatari Diar, already active in Egypt through the St. Regis Cairo, CityGate, and NEWGIZA projects, could earn up to $1.8 billion a year from the new venture, with 15% of proceeds going to NUCA once costs are recovered, the source said.

Fiacre E. Kakpo