Egypt Receives $3.5 Billion in Partnership with Qatari Diar to Develop “Samla and Alam El-Roum” on the North West Coast

KHADAMATY–NEW «

Egypt has received an amount of $3.5 billion as part of the investment deal for the development of a plot of land within the “Samla and Alam El-Roum” area on the North West Coast, in Matrouh Governorate. The project is being executed through an investment partnership between the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority, and the Qatari Diar Company, whose contract was signed on 6 November

Counselor Mohamed El-Homsany, official spokesperson for the Prime Minister’s Office, stated that this amount represents the “cash consideration”, which constitutes the first part of the agreement. The second part involves an “in-kind consideration” in the form of residential units within the project, expected to generate $1.8 billion in sales upon completion. In addition, the New Urban Communities Authority is entitled to 15% of the net profits of the project (including profits of the project company and its controlled entities, whether from Qatari Diar or the project company), after full recovery of the investment cost in accordance with the agreement

The spokesperson emphasized that today’s milestone reflects the directives of His Excellency President Abdel Fattah El-Sisi and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, to deepen economic partnership between Cairo and Doha, continue strengthening bilateral cooperation, and jointly promote sustainable economic development that serves the aspirations  both peoples