Egypt has signed a significant investment partnership with Qatar’s sovereign wealth fund arm, Qatari Diar Real Estate Investment Company. The deal will see the development of an integrated urban tourism project on the Mediterranean coast in the Alam El Roum area. The total investment is estimated at more than USD 29.7 billion. The project spans 4,900 acres and 7.2 kilometers of coastline, and aims to transform the area into a world-class destination. It will include high-end residential complexes, luxury resorts with over 4,500 hotel rooms, and a new marina. The agreement includes an initial cash payment of USD 3.5 billion to Egypt. Prime Minister Dr Mostafa Madbouly emphasised that the deal reflects the strong fraternal relations and investment cooperation between Egypt and Qatar.