The project involves a partnership agreement to develop the Alam Al-Roum site, backed by a source familiar with the deal, signaling a formal Egyptian-Qatari collaboration.

The development is designed to turn Alam Al-Roum into a year-round destination and economic hub, aligning with Egypt's push to attract foreign capital and stimulate tourism and activity in Matrouh Governorate.

Qatari Diar, the real estate arm of Qatar's sovereign wealth fund, plans a $29.7 billion luxury development along Egypt's Mediterranean coast near Alam Al-Roum to create a year-round tourism hub with golf courses, marinas, premium residences, schools, universities, and government facilities.

The agreement covers a 1,985-hectare site and includes a $3.5 billion land payment plus $26.2 billion in-kind investment to construct the project along about 7.2 kilometers of coastline.

Located on Alam Al-Roum, a 480-kilometer undeveloped stretch northeast of Cairo, the project envisions luxury neighborhoods, golf courses, marinas, schools, universities, and government facilities.

Market dynamics around the deal included a positive turn in Egyptian sovereign bonds on the day of the report, reflecting broader investor interest.

The initiative fits within Egypt's broader strategy to boost foreign investment and stabilize finances by expanding the North Coast footprint.

Revenue from the development is projected to reach at least $1.8 billion annually, with a 15% share directed to the New Urban Communities Authority once the investment is recovered.

The project is expected to generate at least $1.8 billion in annual revenue, with 15% of profits earmarked for the New Urban Communities Authority after recovering the total investment.

This marks Qatar's first major Egyptian investment in the year, part of a broader pledges package of up to $7.5 billion, with potential IMF disbursement implications.

Qatari Diar's existing Egypt assets include the St. Regis Cairo, CityGate, and NEWGIZA, illustrating an established Gulf-backed footprint in the country.